September proved to be the worst month for remortgaging
since the EU referendum, with activity falling 12% since August, according to
the latest figures from LMS. The number of remortgages in September was 30,766,
down from August’s tally of 34,900. The value of gross remortgage lending also
fell, dropping by 14% from £5.9bn in
August to £5.1bn in September. Remortgaging accounted for 25% of total gross
lending in September – the lowest amount since March 2016 – when there was a
surge in house purchases and buy-to-let activity before the change to Stamp
Duty on second homes was introduced. Read more on the LMS website.
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