‘The total amount that was lent to remortgaging homeowners increased by 23% from September to October, reaching £4.1bn, as borrowers took advantage of rock-bottom rates on new home loans.
The figures from LMS show that re-mortgages accounted for 31% of total lending and, on average, homeowners are taking out a further £17,318 of equity on top of the value of their original loan. The amount of equity being withdrawn by borrowers increased by 11.4% from September to October, bringing the total released by homeowners last month to about £509m.’
Source: The Times
