Remortgaging statistics

How many Brits are remortgaging their homes?

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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.

Quick overview

  • 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  • Of those mortgages, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages.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
July 2018 45,740
August 2018 37,730
September 2018 35,280
October 2018 50,330
November 2018 39,480
December 2018 33,050
January 2019 47,540
February 2019 36,640
March 2019 32,120
April 2019 38,400
May 2019 41,090
June 2019 32,110

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 Of these, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages (with no money withdrawn).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Equity withdrawn remortgages 231,350
Simple refinance 238,160
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 This is made up of £42.88 billion in equity withdrawn and £41.26 billion in simple refinances (with no money withdrawn).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
House purchase 54.90%
Remortgage 38.93%
Other (inc further advances) 6.17%

Sources

  • UK Finance
  • Bank of England

Click here for more research. For all media enquiries, please contact:

Matt Mckenna
UK Communications Manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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