You are here: Home - Mortgages - Remortgage - News -

Record levels of equity withdrawn from homes

Written by: Christina Hoghton
A staggering £965.6m of equity was withdrawn through remortgaging in March.

The total amount of equity withdrawn through remortgaging hit £965.6m last month – the largest amount recorded in the month of March since 2008.

The represents an increase of 19% compared to February, according to LMS, while total equity withdrawn is up by 61% year-on-year from the £600.4m recorded in March 2015.

The value of gross remortgage lending is up 8% from March 2015’s figure of £4.3bn, while the number of remortgage loans taken out has risen by 10% over the last 12 months.

Equity boost

The average amount of equity withdrawn from remortgaging per customer rose by 11% from £28,685 in February to £31,887 in March. This is a massive 47% higher than March of last year (£21,755) and is the largest amount ever withdrawn in the month of March.

Andy Knee, chief executive of LMS said: “Over the coming months, speculation about the possibility of a Brexit will continue to dominate news and wreak havoc with the financial markets. However, this should not dissuade people from remortgaging.

“Competitive rates mean the affordability of remortgages remains good and homeowners can vastly cut their monthly outgoings or withdraw large sums of money to cover an immediate cost. Latest views from the Bank of England suggest the Base Rate could fall even further boosting an already positive offering.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
FTSE down 10% since record high but it’s not all bad news for investors

It’s hard to believe that just 12 months ago the FTSE 100 was breaking new ground. In fact, today marks...