According to the latest LMS Remortgage Snapshot, the overall cancellation rate decreased by 19%, while pipeline cases fell by 2% month-on-month.
Looking at remortgage loan sizes, 44% increased their total loan size, with the average loan increase coming to £20,279.
Just over a third saw no change in their total loan size, while 22% reduced their total loan size. The average loan decrease was pegged at £14,387.
On monthly loan repayments, 67% increased their monthly remortgage payments, and the average monthly repayment increase came to £354.72.
A quarter said that they lowered their monthly remortgage repayments, with the average monthly repayment decrease coming to £297.47, and only 9% said that they saw no change in their monthly remortgage repayments.
Nick Chadbourne (pictured), LMS’ CEO, said: “March witnessed its customary transitional phase in the remortgage sector, marked by an 11% decline in new instructions juxtaposed against a robust 16% upsurge in completions.
“Despite fluctuations across regions and shifts among lenders, an underlying stability pervades the market. Mortgage rates and property values remain relatively static, underscoring this stability, further evidenced by a notable decrease in cancellation rates.
“Anticipating a rise in consumer confidence, coupled with favourable trends in the housing market, we foresee a ripple effect into the remortgage sector throughout 2024. Notably, two significant peaks in product expirations loom later in the year, signalling an expected uptick in market activity as the months progress.”
