June posted another impressive remortgage month as lender competition pushed the number of UK house owners searching for lower mortgage payments out the door to the nearest loan office. Remortgage is now leading the pack in regard to home mortgage products. What was once a third to fourth choice method to lowering monthly outgoings, remortgage is now firmly planted in the minds of many as a strong resource for potential cost savings.

According to LMS, lenders in search of more clients drove the number of remortgages in June to a higher level. For the second consecutive month, the number of house owners remortgaging increased. The total for the month of June was 35,913 which is a 9% increase over the month of May. Year on year, it is a 10% increase over the same month last year. June remortgages 2016 totaled 32,300.

Interest rates continue to sit at extremely low levels when comparing deals from multiple lenders. This has been a driving force for many households to consider remortgage, since the likelihood of lowering the monthly mortgage payment amount is currently higher than normal.

Andy Knee, chief executive of LMS, commented on the impetus behind the number of house owners searching out a remortgage, saying: “The remortgage market had an excellent month in June. More homeowners saved on their monthly repayments by remortgaging in June, compared to May. This was driven by the intense competition between lenders, many of whom have been offering mortgage products with rock bottom rates to entice remortgagors to switch.”