The remortage market has remained “extremely strong”, according to figures from Accord, which showed the number of borrowers renewing their mortgage doubled year on-year in the six months to 30 November (Remortgage Bristol).
The summer remortgage trend has continued into autumn, with a “unseasonably high” number of applications recorded by Yorkshire Building Society Group, of which intermediary – only lender Accord is a subsidiary.
Applications for remortages rose by 98 per cent in the six months to 30 November, year on-year, while in September, applications were up 143 per cent compared to the same month 2014.
The upswing over the three months equates to an increase of 128 per cent in the number of borrowers applying to remortgage year-on-year in September, October and November.
Data from comparison website Moneyfacts backed up the trend, showing mortgage rates were at a record low during the summer, when the average two-year fixed mortgage rate fell by 0.16 per cent at the start of July, to 2.76 per cent at the beginning of August, the lowest rate on record.
The reductions favoured higher loan-to-values disproportionally, although all rates for loan sizes across the market saw considerable rate cuts.
The Council of Mortgage Lenders predictions for the year ahead explained that gross lending was likely to be supported by house purchase activity from home-owners and remortage activity across the board.
(FT/Advser/Peter Walker)
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