New data reveals that £17.5 billion worth of remortgages were approved in the first quarter of 2023, a £10 billion decrease from the previous year.
The 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.
