Remortgages boom at the expense of house purchase approvals

The number of mortgage approvals for house purchases fell in November 2017 against the previous six-month average, while remortgages were up 13.5%. Fi

The number of mortgage approvals for house purchases fell in November 2017 against the previous six-month average, while remortgages were up 13.5%.

Figures released yesterday by the Bank of England show the extent to which house purchases have slowed as home owners opt to stay put and remortgage instead.

There were 65,139 house purchase mortgage approvals in November, up slightly from 64,887 in October and reversing a trend of monthly falls since September.

But the figure was below the previous six-month average of 66,562.

In contrast, remortgage approvals increased from 51,956 in October to 53,922 in November, well above the previous six-month average of 47,511.

The value of house purchase lending was flat at £11.9bn, while the total for remortgages increased from £9.3bn to £9.5bn.

Commenting on the figures John Phillips, group operations director for Just Mortgages and Spicerhaart, said: “It is no surprise that the value and number of remortgages was up in November.

“The industry was expecting a boom as so many fixed rate deals came to an end. However, the number of interest only mortgages that also came to fruition must have been a factor as those borrowers, that had no exit plan, found themselves needing to remortgage.

“There are many more that will be in the same situation in the coming months and I expect that remortgaging will continue to be the element that keeps mortgage lending figures up, even though we are heading into a traditionally buoyant time for house purchase.”

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