Our doors may be closed, but we’re still here for you. In line with government advice on the outbreak of Coronavirus (COVID-19), all our CJ Hole branches will be temporarily closed until further notice. The health and safety of our staff and customers is, of course, our number one priority. But while we might not be able to see you, we are still here if you need us. The CJ Hole teams are all working remotely, ensuring we can provide continuous support for all our customers. Please email your nearest branch directly through the website and, most importantly, stay safe and healthy during these difficult times

Remortgaging activity hits 7-year high

Remortgaging activity hits 7-year high

Remortgaging activity hit a seven-year high in August, fuelled by record low bowing rates and rising house prices, according to new figures from LMS.

The latest data, showing that remortgage activity reached its highest level since July 2009 in August, reveal that the number of remortgages advanced totalled 36,195 in August, up 8% from July and 45% higher than the corresponding month last year.

According to LMS, 11% of homeowners who remortgaged in August were able to cut their monthly repayments by more than £500; an attractive proposition for anyone thinking of remortgaging their property.

However, despite the rise in remortgage transactions during August, the value of those transactions fell, with the overall value of gross remortgage lending totalling £5.9bn in August, down 2% from £6bn in July.

Andy Knee, chief executive of LMS, commented: "The Bank of England's decision to cut the base interest rate continues to have a positive impact on the remortgage market [and] has encouraged a greater number of homeowners to remortgage their homes.

"However, in spite of this rise, homeowners appear to be in a more cautious mood than last month; borrowing less in the wake of a couple of turbulent months, both politically and economically, and lowering their LTV in the process."

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!