Remortgage Loans Reach Six-Year High
The total value of remortgage loans hit £4.8 billion last month, indicating that housing market activity may be returning to pre-crisis levels.
This is the highest number since 2009 and is a 15% rise on April 2014.
Conveyancing firm LMS has estimated that the amount of remortgage loans increased by 21% and the average loan has risen to £32,230 from £26,600.
Boss of LMS, Andy Knee, says: “The growth is a much-needed boost to a sector which has experienced huge fluctuations over the past 12 months.”1
1 Baird, R. (2015) ‘Remortgage loans ‘hit six-year high’’, Metro, 27 May, p.24