LMS Monthly Remortgage Snapshot – May Report reports that the average remortgage loan amount in London was £331,067 while the average for the rest of the UK stood at £163,945, making remortgage loan amounts 102% higher in London than in the rest of the country.
The longest previous mortgage length was found in the West Midlands at 80.70 months (6.73 years), while the shortest was in East Midlands at 72.93 months (6.08 years), making the longest previous mortgage term 11% longer than the shortest.
Nick Chadbourne, CEO at LMS said:
"Instructions and pipelines continue to build steadily, aligning with expectations as we head into the second half of the year. With around 1.6 million fixed-term mortgages due to mature over the next 12 to 18 months, remortgage activity is expected to remain strong. We’re seeing borrowers take a proactive approach, with many choosing to fix for five years – a trend driven by a desire for long-term payment certainty amid ongoing rate volatility and wider economic uncertainty. Broker conversations suggest that stability and predictability are taking precedence over short-term flexibility, which is keeping five-year deals firmly in favour.
"Positive sentiment is also being echoed by conveyancers, many of whom report that recent investments in technology and automation tools are helping them flex their capacity to meet demand. These efficiencies are playing a crucial role during peak periods, smoothing transaction volumes and supporting service consistency."
