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How many Brits are remortgaging their homes?
Remortgaging your home can be a great way to release equity or to secure a better rate on your mortgage for years to come. So how many Brits are choosing to switch their mortgage provider? We looked into the latest facts and figures to find out.
- There were 469,000 homeowner remortgages in the last 12 months (July 2018 – June 2019).
- Of those mortgages, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages.
- The total value of remortgages in the last 12 months is more than £84 billion.
- On average, there are 39,000 homeowner remortgages every month in the UK.
- Over a third (38.9%) of residential loans were remortgages in Q1 2019.
How many Brits are remortgaging?
Over the last 12 months, from July 2018 to June 2019, there were over 469,000 homeowner remortgages in the UK. Over this 12 month period, the most remortgages took place in October 2018 (50,000) while June 2019 saw the least (32,000). In general, the trend from month to month shows heavy fluctuations between the number of homeowner remortgages. The overall average number of mortgages each month is just over 39,000.
|Month||Number of homeowner remortgages|
What type of remortgages are people taking?
Remortgaging your house can be a way of releasing equity or simply changing the terms of your mortgage or switching providers. In the last 12 months, there were 469,000 homeowner remortgages. Of these, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages (with no money withdrawn).
|Type of remortgages||Number of homeowner remortgages (Jul-18 - Jun 19)|
|Equity withdrawn remortgages||231,350|
|Total number of remortgages||469,510|
Total value of remortgages
The total value of homeowner remortgages in the last 12 months is over £84 billion. This is made up of £42.88 billion in equity withdrawn and £41.26 billion in simple refinances (with no money withdrawn). As a percentage, this means that there is almost a perfect 50/50 split between the total value of equity withdrawals and the total value of simple refinances.
|Type of remortgage||Value (£bn)|
|Equity withdrawn||£42.876 bn|
|Simple refinance (no money withdrawn)||£41.259 bn|
|Total value of remortgages (£m)||£84.135 bn|
Remortgages and new mortgages
We looked at the figures from the Bank of England to see how Brits are using residential loans. As a percentage of the new commitments in Q1 2019, 54.9% of loans were used for purchasing homes while 38.9% of loans were used for remortgages. 6.1% were attributed to “other”. The category “other” also includes further advances.
|Purpose of loan||Percentage of new commitments|
|Other (inc further advances)||6.17%|
- UK Finance
- Bank of England
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