According to the LMS monthly re-loan snapshot report, average monthly payments for personnel in June increased by £277.01 per month.
The report also shows that 46% of borrowers have increased their loan size this month, while 45% of those recompeting came out with a 5-year fixed-rate product, the most popular product choice.
Among those surveyed, 24% said their main purpose was when resuming monthly payments.
In terms of cashing out loan size, 46% increased their total loan size; 38% of total loan size did not change, while 16% reduced the number of loans
The average loan increase after renewal was £22,244.27, while the average loan decrease was £11,648.81.
Regarding monthly loan repayments, 56% of people increased their monthly repayments; 11% of people also paid back, and 33% reduced their monthly payments.
The average cashed loan amount in London is £377,376, while the average in the rest of the UK is £175,488, with the repayment amount in London 115% higher than the rest of the country.
The longest mortgage length in the Southwest was 75.95 months (6.33 years), while the shortest was Yorkshire (Yorkshire), which was 67.45 months (5.62 years), with the longest mortgage term than the shortest mortgage term of 12%.
Comment on the latest data LMS CEO Nick Chadbourne said:
“June presented a relatively flat new billing instruction indicating the stability of borrower activity. However, the completion situation has dropped, and as we enter July, it has led to a build-up of pipeline volume.
“Given the significant surge in product expiration in early July, the completion is not surprising, which will naturally shift the completion activity to the new moon.
