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Boom in Wales remortgage market

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The number of homeowners choosing to remortgage in Wales has increased dramatically compared to last year.

Figures released by the Council of Mortgage Lenders trade body showed the number of remortgage loans completed in the second quarter reached 3,500.

This figure was 12.9% higher than the corresponding period last year and 9.4% up on the first three months of the year.

The value of these loans was £370 million. Again this figure was significantly higher than comparable periods. It was 15.6% higher than the same three months in 2014 and 8.8% bigger than the start of the year.

There was a mixed picture across the rest of the market. House purchase activity was up compared to January, February and March but down compared to a year ago.

Home mover loans increased in volume and value quarter-on-quarter. While the number of loans remained flat year-on-year, the amount borrowed increased.

Julie-Ann Haines, Council of Mortgage Lenders chair for Wales, said the market was starting to show signs of life after a sluggish start to the year.

“House purchase activity appears to have woken up in Wales after traditionally slower levels in the winter months,” he said.

“The uptick in remortgage is, in particular, striking as levels had remained relatively identical over the previous four quarters. With the current low rates of interest unlikely to continue, it seems that borrowers are now taking advantage of competitive mortgage rates before a rise.”

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