Are homeowners playing a dangerous waiting game by not remortgaging?
Remortgaging in August was at its lowest proportion of gross mortgage lending in 13 years, according to latest figures from the LMS Remortgage Report.
These figures mean gross remortgage lending now represents just 25 per cent of total gross mortgage lending.
The report goes on to suggest that borrowers have been playing a waiting game, delaying their remortgage plans until more attractive deals come onto the market, a dangerous game of chicken which some are starting to see the risks of.
Andy Knee is the LMS Chief Executive:
“In August, we saw a significant uplift in new business and this is beginning to flow through into completions. Therefore, September and October are expected to be much stronger months for remortgage lending as customers complete their switches to one of the numerous long-term fix rates at below 3 per cent.”
Content correct at time of publication