This year’s February was the busiest for remortgageing since 2009, research from LMS has found.
The value of remortgage lending topped £4.4bn and the volume rose by 23% year-on-year.
Despite the increase both the value and volume of remortgage dropped from January, by 24% and 16%.
Andy Knee, chief executive of LMS, said: “Despite a drop in activity from January – a trend we’ve experienced each year since 2010 – remortgage lending in February remains buoyant.
“The value of loans were the largest amount recorded in the month of February for seven years, demonstrating maintained momentum for remortgaging as we return to a healthy, post-recession market.
“New rock-bottom rates should encourage even the most hesitant of homeowners to consider the benefit of remortgaging, since huge savings can be made.”
The typical amount of equity withdrawn through remortgaging stood at £28,685 per customer.
Knee added: “There’s a push and pull occurring in the remortgage market at the moment. On one hand we have enticing, rock-bottom rates, and on the other, a looming uncertainty compounded by the possibility of a Brexit and the shaky global economy.
“On the whole, the industry is in agreement that the housing market is unlikely to be unduly affected in the lead up to the EU referendum, although there might be a slight slowdown in house price growth.
“This means we expect remortgaging growth to continue but we shouldn’t expect a drastic change in activity until after June 2016.”
