You are here: Home - Remortgage - News -

Rise in remortgagors in run up to Election

Written by:
Rise in remortgagors in run up to Election

The number of people remortgaging rose by 8% in May, according to LMS.

The conveyancing business said that 31,936 mortgages were switched to a new deal over the month, compared to 29,300 in April.

But the value of these transactions dipped slightly by 1%, according to the firm, with remortgages totalling £5.1bn in May.

In a fix

LMS also noted that borrowers are increasingly switching to a longer-term fixed rate mortgage to protect against potential rising interest rates.

Over a third of switchers (34%) chose a five-year fix in May, despite only 8% of them having previously had such a deal before they decided to remortgage.

However, the majority said they don’t expect an imminent rise in interest rates, with 58% predicting no change in the next 12 months.

Andy Knee chief executive of LMS, said that borrowers were not fazed by the Election because they had expected a clear outcome. “Pollsters and the public had predicted a solid election result of a 100+ seat majority for the Conservative Party and continuity at the heart of government. Pre-election confidence was the main driver behind the increase in the number of remortgage transactions.”


There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Comments are closed.

How much can you borrow?

A calculator designed to help you understand how much you can borrow towards your property

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

Are you on the right mortgage product?

See how much you could potentially save by remortgaging to a different product
Read previous post:
Revealed: The global cities where prices are sky high

Wuxi in China has the fastest growing property prices of any global city, according to a report from Knight Frank....