Mortgage market “back on track”

Data shows that remortgage activity hit a 15-month high in May. 

There were 41,500 remortgage approvals, up 6,200 on April and the highest level since February 2024. There was also a rise in new mortgages for the first time since December, with 63,000 approvals. Meanwhile, gross mortgage lending was £20.4bn in May, £16.9bn higher than the previous month.

 Jason Tebb, President of OnTheMarket, said that the rise in purchase approvals could suggest that the market is getting “back on track”. He added, “Further rate reductions from the Bank of England would provide more impetus for the market in the second half of the year.”

 Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.

 Sources: https://www.yourmoney.com/mortgages/remortgage-activity-reaches-15-month-high-in-may/