The average monthly payment for those who remortgaged in December decreased by £182.13, according to figures in the latest LMS Monthly Remortgage Snapshot with data for December 2019.
LMS revealed the volume of remortgages hit 52,938 in December – up from the 52,251 recorded in November – while 46% of those remortgaging took out a five-year fixed product, the most popular product during the month.
The three-month rolling average loan amount showed growth and increased to £178,613 – up from the £175,531 recorded in November.
The LMS data also showed the average remortgage loan amount in London and the South-East was £288,154 during the month, with the national average currently sitting at £139,819 – reflecting a difference of 51.5%.
LMS CEO, Nick Chadbourne, commented: “Average loan amounts grew in December, as we saw an increase of 3% across the country with borrowers taking advantage of competitive rates to release additional equity.
“The North of England spearheaded loan increases, with growth of 10% in both the North-West and Yorkshire. The North-East, however, recorded a fall in loan size for the second month in succession, with loan sizes dropping by 8% in December.
“As it stands, the remortgage market is forecasted to be flat in 2020. A base rate reduction, however, paired with greater political certainty, could lead to the ‘Boris Bounce’ being felt within the remortgage market, as borrowers look to leverage the low interest rates through fixed products and releasing equity from their property.”
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