You are here: Home - News -

Average remortgage in East Midlands doubles

by: Edward Murray
  • 30/01/2017
  • 0
Average remortgage in East Midlands doubles
Increased remortgage activity is being driven by homeowners taking equity out of their properties to raise capital, according to My Home Move.

The provider of mover conveyancing services analysed over 10,000 remortgage records between 2014 and 2016. It found that homeowners remortgaged for an average of £15,000 more in 2016 than they did two years ago, borrowing around £181,000 compared to £166,000 in 2014. Some 57% of the cases completed in 2016 were capital raising.

At a regional level there was a significant variance in the average amount of a remortgage between 2014 and 2016. In the East Midlands, where the jump was the biggest, the average remortgage went from £70,000 in 2014 to £139,380 in 2016, a rise of £69,380.

However, in Yorkshire the average remortgage fell from £140,558 in 2014 to £93,660 in 2016, a drop of 46,898.

Doug Crawford (pictured), CEO of My Home Move, said: “Our research has revealed that 57% of cases from 2016 were remortgaging to raise capital, compared to pound-for-pound borrowing, suggesting people were looking to consolidate debt, release equity to fund home improvements or to pay their children’s university tuition fees or first-time buyer deposit, as the Bank of Mum and Dad was raided again.”

Crawford added: “This overall increase in borrowing suggests that homeowners are taking advantage of the ‘cheap’ remortgage deals which have been around for the past few years, and thanks to the Bank of England base rate cut in August, will remain so for months to come.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Steve Ellis Legal and General Home Finance
Steve Ellis promoted to head up Legal and General Home Finance

Legal and General Home Finance has appointed chief operating officer Steve Ellis to the post of managing director of the...

Close