Remortgage instruction volumes climbed by 9.7% in May, according to new data published by LMS.
The latest Monthly Remortgage Snapshot from LMS, however, revealed that 2.0% fewer remortgages were completed in May compared to April.
The LMS data also showed that the cancellation rate for remortgages only increased slightly by 0.14% to sit at 6.1%. With healthy instructions and a flat cancellation rate, the figures revealed that remortgages cases in the pipeline increased by 4.3% during May.
Figures also showed that the average monthly payment decrease for those who remortgaged in May sat at £441, while 55% of those who remortgaged took out a five-year fixed rate product, the most popular product in May.
“May was a great month for borrowers, with sub-1% rates driving instructions”, commented LMS CEO, Nick Chadbourne.
“May was a busy month for remortgaging, with instructions rising by nearly 10%. This came as lenders introduced mortgage repayment rates under 1%, making it an ideal time to remortgage for those looking to save through switching.
“We expect this activity to continue through Q3 with more borrowers taking advantage of the low rates and reduce their monthly payments.”
“However, while some borrowers lock in historically low rates, others are finding it more difficult to secure the most attractive products on offer, particularly homeowners who have had changes to their circumstances since they took out a mortgage pre-pandemic.”
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