The average amount released stood at £31,887 in March and the number of people remortgaging rose by 10% from March last year, LMS figures show.
The amount of equity withdrawn through remortgaging hit £965.6m in March – the largest amount in the month since 2008.
The average amount released stood at £31,887 in March and the number of people remortgaging rose by 10% from March last year, LMS figures show.
Andy Knee, chief executive of LMS said: “March witnessed a very strong month for mortgage lending as house buyers rushed through purchases before the changes to stamp duty for second homes and buy-to-let came into being while remortgaging remained steady.
“Over the coming months, speculation about the possibility of a Brexit will continue to dominate news and wreak havoc with the financial markets. However, this should not dissuade people from remortgaging.
“Competitive rates mean the affordability of remortgages remains good and homeowners can vastly cut their monthly outgoings or withdraw large sums of money to cover an immediate cost. Latest views from the Bank of England suggest the base rate could fall even further boosting an already positive offering.”
