Experts at Confused.com mortgages have analysed the latest data on remortgages in the UK, to reveal the key statistics and trends on the current remortgage landscape.
Key UK Remortgage Statistics – an Overview:
- According to the FCA, remortgages over Q1 2023 totalled £17.5 billion, over £10 billion less than this time last year.
- According to the Building Societies Association (BSA), in 2022, 539,591 remortgages were sold to UK homeowners at a total cost of £113 billion.
- BSA figures also show that by August 2023, just 253,782 remortgages were sold to UK homeowners at a total cost of around £51 billion.
- The average 2-year rate for a 75% LTV mortgage as of June 2023 is 5.5%, up from 2.87% last year, according to the Bank of England.
- According to the Office for National Statistics, there are 818,489 mortgages with fixed terms below 2% coming to an end during 2023, which will likely move onto higher rates. Homeowners who borrowed £100,000 and are moving from a 2% to a 4% interest rate will see their monthly repayments increase by £104.
- The Bank of England base rate is currently 5.25% – a 15-year high.
- Gross remortgage lending at the end of 2021 totalled £93 billion according to UK Finance data.
