LMS publish their Monthly Remortgage Snapshot for May 2021
LMS publish their Monthly Remortgage Snapshot for the latest month, showing the remortgage market activity through May 2021.
Key Statistics from report:
- £441 – average monthly payment decrease for those who remortgaged in May
- 48% of borrowers increased their loan size in May
- 55% of those who remortgaged took out a 5-year fixed rate product
- 36% of remortgager’s primary aim when remotgaging was to release equity from their property
A spokesperson for LMS said:
“May was a great month for borrowers, with sub-1% rates driving instructions.
“May was a busy month for remortgaging, with instructions rising by nearly 10%. This came as lenders introduced mortgage repayment rates under 1%, making it an ideal time to remortgage for those looking to save through switching. We expect this activity to continue through Q3 with more borrowers taking advantage of the low rates and reduce their monthly payments.
“Research by Moneyfacts shows that five-year fixed rates are the cheapest in 14 years, and we’re pleased to see more than half of remortgagers benefiting from this.
“However, while some borrowers lock in historically low rates, others are finding it more difficult to secure the most attractive products on offer, particularly homeowners who have had changes to their circumstances since they took out a mortgage pre-pandemic.”
Kindly shared by LMS
Main photo courtesy of Pixabay
