Tax-free threshold drops from £500,000 to £250,000 for properties purchased after the stamp duty change on 1 July.Read more…
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- Of those mortgages, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages.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 Of these, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages (with no money withdrawn).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|Equity withdrawn remortgages||231,350|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 This is made up of £42.88 billion in equity withdrawn and £41.26 billion in simple refinances (with no money withdrawn).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|Equity withdrawn||£42.876 bn|
|Simple refinance (no money withdrawn)||£41.259 bn|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
Click here for more research. For all media enquiries, please contact:
These inaugural awards recognise the lending providers displaying the best innovations in their field.Read more…
These awards recognise innovation in the areas of credit cards, loans, mortgages and BNPL. We reveal this year’s winners.Read more…
What you need to know about getting a mortgage if you’re buying or refinancing a farm or farmland, including the factors lenders consider when you apply for one.Read more…
Everything you need to know about taking out a mortgage to buy or refinance a pub. Find out where to get one, how to get the best deal and the factors lenders consider.Read more…
In-depth guide to taking out a commercial mortgage to buy or refinance a hotel. Find out how to get the best rates, factors lenders consider and what you need to apply.Read more…
More guides on Finder
Does the UK know how much it needs to save up for retirement?
Cryptocurrency statistics 2021
We explore the latest statistics in the world of cryptocurrency, including who is and isn’t buying cryptocurrency and how much they’re investing.
The Elon Effect: Elon Musk’s twitter activity that boosted (or crashed) the prices of stocks and crypto
Elon Musk’s influential Twitter activity has shifted the value of several companies and cryptocurrencies by almost $12 billion on average.
Parking fines: Which UK city issues the most tickets?
Are you driving to do your Christmas shopping this year? Find out which city issues the most parking fines during the festive season.
Buying vs renting: Which is cheaper?
What are the average rent and mortgage costs in the UK? We’ve done the calculations to help you decide which is the more worthwhile investment.
Coronavirus: Stocks to watch in Lockdown 2
The UK went back into lockdown on Thursday 5 November. We’ve compiled some lockdown stocks that might see some growth over the next month.
Investing predictions panel
2020 has been a turbulent year for investors. To help, our global panel of investing experts give their thoughts on markets and assets around the world.
How many people are still using bank branches in the UK in 2020?
Are people still using bank branches? Is your area being affected by bank branch closures? Find out the latest data here.
Buy now pay later (BNPL) statistics | 2020
Buy now pay later is the fastest growing online payment method in the UK. Discover the latest statistics on how it’s disrupting the payments industry.
Banking statistics UK | 2020
What are the biggest and most famous banks? Which banks are winning and losing customers? How are opinions about banks changing? We have collected all the latest banking statistics here.
Ask an Expert