The average monthly repayment decreased for those seeking to remortgage in April was £195, according to the latest LMS Monthly Remortgage Snapshot.
The document, released today, also found that nearly a third (31 per cent) of those remortgaging were looking to release equity from their property.
In a statement, LMS said: “Despite the drop in instructions, remortgage activity levels remained healthy through April with completions up 17.1 per cent and fewer cancellations across the month. The industry continues to work through the backlog to meet sustained demand, buoyed by the attractive repayment rates offered by lenders as they continue to compete for business.
It added: “On the other side of the market, HMRC figures released in May reveal a monthly drop of 35 per cent in residential transactions, yet purchase activity remains at the highest level we’ve seen in April since 2007. This heighted demand is expected to persist, fuelled by a combination of the SDLT extension, continued competitive mortgage rates and the Government’s mortgage guarantee scheme which launched in April.
This post has originally been featured in Property Wire.