Remortgage has surged this year as a predominant percentage of countless lender total lending. Across the country, house owners are finding the benefits of remortgage hard to turn away from and not take advantage of. Low interest rates, heavy lender competition, and wage growth which still lags in many parts of the UK have created an environment quite conducive to remortgage for millions of people. London has now posted some impressive figures of its own. During Q1 of this year, the capital city saw £4.67bn in homeowner remortgage.

The number of homeowners remortgaging in London is the highest since the year 2008. Overall for the quarter, there were 15,300 new homeowner remortgages. This is more than 4% higher compared with the same period during the year 2017. The amount of remortgaging is almost 8% higher year on year.

Remortgage has grown in popularity during the last three years and even saw an eight year high during the month of January this year whilst 50,000 obtained a new deal through remortgage. House owners are saving money, as well as obtaining cash through the process. This cash is being put to good use. Home renovations are starting, paying off old debt is taking place, and holidays are being planned and taken.

Expectation from housing experts is for remortgage to remain popular through the end of the year. An increase in interest rates was planned for May, but was taken off the table following disappointing economic data from Q1. A hike in interest rates could possibly take place later this year to avoid high inflation from happening.