Remortgage Business Increases In January

According to data published by UK Finance there has been a record rise in the number of remortgages completed in the month of January 2018 when compared with figures for the last nine years. This would appear to be good news for both lenders and borrowers.

In the first month of this year there were 49,800 new remortgages completed for homeowners. This was last exceeded way back in November 2008 at which time the number of homeowner remortgages completed in that month was 51,300. The number of this type of remortgage completed on increased by 19.1% when compared with January 2017. It is also interesting to note that the amount lent for this type of borrowing in January of this year was £8.9 billion with this being 29.3% more when compared with January 2017.

With regard to the buy to let remortgage market, there was also a rise in such completion numbers in January 2018 when compared with the figures for January 2017. During the first month of this year there were 16,500 of such remortgages completed on with this being 17.9% more when comparing the figures with January 2017. The amount lent in January 2018 for this type of borrowing was £2.6 billion. This equated to an increase of 18.2% when compared with the same month in 2017.

Whilst writing, we thought you would also find it interesting to read that the number of home mover mortgages also went up in January 2018 when compared to January 2017. The number of such mortgages completed in January of this year was 25,000 with this being an increase of 6.4% when compared with the same month in 2017.

There was also a rise in the number of completed first time buyer mortgages when comparing the above period. In January 2018 there were 24,500 of this type of mortgage completed on with this being an increase of 6.4% when comparing the figures with January 2017.

Let us hope that the residential mortgage lending sector continues to progress throughout the remainder of 2018 and beyond.

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