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Remortgaging activity has been surging ahead in recent months, with yet more figures highlighting the strength of this sector of the market – and by all accounts, it's set to become stronger still in the coming weeks. So, if you're thinking of getting in on the action, make sure you've got the best remortgaging rates possible.
Figures from UK Finance show that remortgaging activity continues to support mortgage lending as a whole, with a total of 26,133 remortgaging approvals granted during July, up from 25,546 in June and a rise of 3% from July 2016 (25,392). It's also higher than the monthly average of 25,284 recorded over the previous six months, suggesting a definite summer surge in the market.
It's a similar story in terms of the value of those approvals: the total stood at £4.8bn for July, unchanged from June but up from the £4.6bn recorded the previous year, which is also the average seen over the previous six months.
This isn't the only set of figures to highlight the level of activity, either. Additional data from Connells Survey & Valuation shows that remortgaging activity rose to 36% of the entire valuations market in July, up from the 26% market share seen in a typical July, while purchasing activity fell back to 62%.
This suggests that the low mortgage rates at present are "helping those looking to refinance more than those purchasing a property", as John Bagshaw, corporate services director of Connells Survey & Valuation, explains:
"The growth in remortgaging suggests consumers looking to refinance are benefiting from lender competition. A large number of those remortgaging are going onto long-term, fixed-rate mortgages to lock in to attractive deals, [as] many feel there could be an economic storm on the horizon as we leave the European Union, and there also are concerns over a base rate rise."
While competition remains fierce between lenders, our own figures recently revealed that remortgaging rates are beginning to edge up – which means if you want to get the best rates, you need to act fast! This is particularly true of those whose fixed rate terms are about to end: it's estimated that some £35 billion worth of mortgages are due to mature in September and October, according to figures from CACI, so now's the time to gets searching for your next deal.
Use our mortgage calculator to get started, or head to our Best Buys for an instant overview of the best remortgaging rates in the market. You may want to opt for a longer mortgage term with your next deal, something that's becoming increasingly popular, as that way, you can have repayment certainty for years to come.
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