There has been a notable uptick in remortgage activity. June data from the Council of Mortgage Lenders shows a sharp rise in monthly and year-on-year figures for both volume and value.
Drilling down into the details, 31,600 households were said to have switched their mortgage deals in June compared to 24,300 in May. This was a 30 per cent rise and an uplift of 31 per cent year-on-year. In terms of value, remortgage lending was up 31 per cent from May and up 34 per cent annually, to £5.1bn. Second-quarter activity was also up, from Q1 and from the same period last year, although the rise was less sharp.
The signs continue to be good, especially when looking at the CACI mortgage market database. With estimated market maturities of £14.7bn in September, £7.5bn in October, £15.2bn in November and £16bn in December, a huge number of remortgage opportunities will be generated in the coming months.
Along with growing homeowner desire to lock in to competitively priced mortgage deals, plus interest rate hikes on the horizon, this adds up to well over 50 million reasons to really push for additional remortgage business.