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Remortgaging drops to lowest level since March

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September was the worst month for remortgaging since the Brexit referendum, according to figures from conveyancing firm LMS.

The study found that remortgaging accounted for 25 per cent of all lending in September, its lowest share of the market since March, when there was a surge of house-purchase activity ahead of the Stamp Duty changes.

There were 30,766 remortgages completed in September, a fall of 12 per cent from the 34,900 in August.

The value of gross remortgage lending also decreased, dropping by 14 per cent from £5.9bn in August to £5.1bn in September.

LMS chief executive Andy Knee says uncertainty since the Brexit vote “appears to have spread to the remortgage market” with activity at its lowest level since the referendum.

“Remortgagors are also remortgaging less frequently than a month ago, which is surprising given the current market climate of low rates,” Knee adds. “Homeowners considering remortgaging should be spurred to act now as mortgage providers may soon raise rates to cover costs stemming from higher swap rates in recent months

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