Number of remortgages hits nine-year high

by Aaron Strutt

Mar 14 2018

The number of borrowers remortgaging to take advantage of the fantastically low-priced fixed and tracker rates hit a nine-year high in January.

According to figures from UK Finance, there were 49,800 new homeowner remortgages completed in January 2018, some 19 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 £8.9bn of remortgaging in January 2018 was 20 per cent more year-on-year.

Many economists are predicting the Bank of England's monetary policy committee will raise the base rate from 0.5 per cent to 0.75 per cent in May, and if this happens, the cheapest mortgages are likely to get more expensive.

As we approach the second anniversary of the buy-to-let stamp duty increase, landlords are switching to new deals to minimise their monthly payments. There were 16,500 new buy-to-let remortgages completed in January 2018, some 17.9 per cent more than in the same month a year earlier. By value, this was £2.6bn of lending in the month, 18.2 per cent more year-on-year.

Call Trinity Financial on 020 7016 0790 to remortgage