Re-mortgaging reaches strongest level since 2009

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The number of home owners re-mortgaging bounced back in July to reach its highest level since the start of 2017.

There were 36,800 people re-mortgaging, up 7% on June and 10% higher than a year ago, according to UK Finance, which represents banks, building societies and other bodies.

It said that overall, the number of people re-mortgaging over the last year has been at its highest level since 2009.

The monthly total is the highest since January, when 41,800 re-mortgage loans were handed out to home owners across the UK.

UK Finance's head of mortgages policy June Deasy said: "Re-mortgaging strengthened in July and reached its highest level since January, with customers attracted by borrowing rates that are at or close to their historic low point.

"The increase in activity in July means that, over the last year, the number of people re-mortgaging has been at its highest since 2009."

Brian Murphy, head of lending at the Mortgage Advice Bureau, said: "It's highly likely that the increasing competitive market, with rates at historic lows, is finally starting to tempt consumers off their SVRs (standard variable rates) and encourage them to review their borrowing, either due to the monthly savings that are potentially available, or the opportunity for some to reduce the overall term of their mortgage by switching products or lenders."