John Phillips, group operations director at Just Mortgages and Spicerhaart said: “Today’s UK’s Finance Mortgage Trends Report reveals the highest rate of remortgaging in a decade with a rise of 23.2% on last year confirming that remortgaging is the clear driving force in the mortgage market at the moment. Last month’s estimate showed a downturn in remortgaging and I was quite surprised as it was not what we have been seeing at Just Mortgages. These figures are much more of a reflection of what we are seeing in the market.
“We can also see that home mover mortgages are up too, perhaps signalling that, now the initial reluctance to move amidst Brexit uncertainty is straight to waive slightly. There will probably be another dip in home mover activity as we go into 2019, but I think remortgaging will remain strong. There are lots of fixed-rate deals coming to an end, and people are keen to lock in good fixed rate deals now, before potential rate rises.
“Also in tougher times, when purchasing is down, lots of brokers start to focus more on their remortgaging business, which they should be doing anyway, and that has almost certainly impacted on the rise.”