LMS releases its Monthly Remortgage Snapshot for November 2021
LMS releases its Monthly Remortgage Snapshot for November 2021, which shows the remortgage market activity throughout the month.
Key points in report:
- £193.39 – average monthlypayment decrease for those who remortgaged in November
- 47% of borrowers increased their loan size in November
- 59% of those who remortgaged took out a 5-year fixed rate product
- 29% of remortgager’s primary aim when remortgaging was to lower monthlypayments
A spokesperson for LMS commented:
“Remortgage activity in November was largely fuelled by an expected Bank of England base rate increase, which triggered banks and building societies to begin pricing an expected rate rise into their repayment rates. For borrowers coming to the end of their fixed term, this rise in rates prompted many shop around to secure the best deal possible, rather than opting for a product transfer, as shown by the rise of 11% in instructions month-on-month.
“The high activity levels we witnessed in November are set to continue for the foreseeable future, spurred on by the high volume of ERC expiries in December. This should keep the remortgage market buoyant as we head into the new year with a flood of new instructions.
“Panel managers will play a vital role in ensuring that every case is processed efficiently and securely. Using their trusted network of conveyancers, and sophisticated technology, they can provide additional security to ensure clients experience a smooth and streamlined journey, despite the increased market activity over the coming months.”
Kindly shared by LMS
Main photo courtesy of Pixabay
