Remortgages on the rise

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The number of remortgages in January 2018 reached a nine-year high while the number of first-time buyers and home movers both increased compared to the same period in the previous year, UK Finance’s latest mortgage trends update reveals. There were 49,800 new homeowner remortgages completed in January 2018, some 19.1 per cent more than in the same month a year earlier. This is the highest monthly number of remortgages since November 2008, when the figure stood at 51,300. The £8.9 billion of remortgaging in January 2018 was 20.3 per cent more year-on-year.

Jackie Bennett, director of mortgages at UK Finance, the industry body, said: “While an increase in remortgaging is expected in the New Year as people put their household finances in order, this strong growth is above the seasonal fluctuations we tend to see at this time of year.

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