London remortgaging at ten-year high

Remortgaging in London reached a decade-high last year as customers locked into competitive deals and a large number of fixed rate loans came to an end, according to UK Finance data. The number of new homeowner remortgages in the capital rose to 60,400 in 2018 - up 6.2% on 2017 and the highest annual figure since 2008. The £18.8bn of remortgage lending was 8.3% higher than 2017, the finance industry trade body said. First-time buyer mortgages completed in London climbed to 11,000 in the final quarter of the year, with £3.1bn of new lending.

City AM (27/02/2019)