Homeowners have a lot of benefits available to them with remortgages and that is why the demand for them has continued to be strong. According to data released by LMS in their Monthly Remortgage Snapshot, remortgaging has been close to a 12 month high. In May there was a high of 54,624 in remortgage volume and in June there was a slight decline to 53,516 remortgages reported.

LMS chief executive Nick Chadbourne, remarked concerning the strong demand from homeowners for remortgages, “This is a particularly strong sign the market is in good health, considering borrowers tend to turn their focus towards holidays and trips away with family during the summer period.

“It’s great to see that brokers are a large part behind this drive, with 67% of borrowers choosing to remortgage because it has been recommended by their broker.”

The data revealed that 95% of homeowners who remortgaged in May chose a fixed rate product with the most popular being a five-year fixed rate remortgage, which continued in June with the five year fixed rate deals making up 46% of the overall remortgage products. The two year fixed rate remortgage was the second most popular among homeowners making up 37% of all remortgages in June.

Mr. Chadbourne remarked on remortgage borrowing concerning the economic uncertainty with Brexit and its impact on choices made by homeowners seeking remortgages, he added, “With wider economic uncertainty still lingering, 5-year fixes continue to grow in popularity.

“As we move into the summer months, both new enquiries and completions are likely to continue growing. This is particularly the case in the South East, which saw the highest number of completions this month.”