According to the latest LMS Remortage snapshot report for March, average monthly payments for those who recompeted in that month increased by £315.67.
About 47% of borrowers increased their loan size in March, while 47% of those who recompeted took out a 5-year fixed-rate product, the most popular product last month
The report shows that 30% said their main purpose was to release equity in their property when retreating.
Changes in loan size reported by borrowers showed that 47% of total loans increased; 33% of total loan size did not change; and 20% of total loan size decreased
The average loan increase after renewal was £20,224.91, while the average loan decrease was £13,715.94.
The data also showed that 58% increased their monthly repayment payments; 14% did not change in monthly repayment payments, while 28% reduced their monthly payments.
Average monthly repayment increase was £315.67, while average monthly repayment decrease was £301.50
The average loan cashed in London is £319,045, while the average in the rest of the UK is £161,298, with the amount cashed in London being 98% higher than the rest of the country.
The longest mortgage length in the Northeast was 82.86 months (6.91 years) and the shortest was 69.95 months (5.83 years) in Yorkshire (Yorkshire) and the longest mortgage term was 18% longer than the shortest.
LMS CEO Nick Chadbourne commented: “March data shows that seasonal changes in cancellations and completions are expected to change, and pipelines are expected to increase in the next quarter as we approach the expiration of our first major product in June.
“The lowest swap rates we’ve seen in recent years give lenders confidence in competitive pricing of their products, which is a positive signal to deliver on the market.”
He added: “Overall, the first quarter has achieved great results in both the instructions and pipelines; as the pipeline matures, we hope to have more of the same results throughout the year. Economic shock waves are the biggest threat, Trump’s full traffic is full traffic; however, the foundation is strong and will require a lot of losses this year!”
