The average monthly payment increase for those who remortgaged in November 2022 was £250, according to the latest monthly remortgage snapshot from LMS.

As many as 44% of borrowers increased their loan size during the month. Nearly three quarters (73%) of those who remortgaged took out a five-year fixed-rate product – the most popular option in November. Some 38% said their main aim when remortgaging was to gain longer-term security – the most popular response.

Meanwhile, 36% of borrowers saw no change in their total loan size during November, while 20% reduced the size. The average loan increase post remortgage was £19,542 and the average decrease was £14,583. The average monthly repayment decrease was £228.

On a regional level, the average remortgage loan amount in London and the South East was £317,453, while the average for the rest of the UK stood at £153,411, putting remortgage loan amounts 107% higher in London and the South East than elsewhere. 

The longest previous mortgage length was found in the North East at 82.03 months (6.84 years) and the shortest was in East Anglia at 68.79 months (5.73 years), putting the longest previous mortgage term 19% longer than the shortest. 

Commenting on the figures, Nick Chadbourne, CEO of LMS, said: “While most metrics fell in November, the pipeline grew as people are beginning to consider new products before their current deals expire. 

“The overall decline in activity was to be expected after the huge increase we saw in October as people hurried to lock in products before they were withdrawn, and with the impact of the autumn statement leaving many wondering what it means for their payments – many are biding their time and seeing how the rest of the year plays out before instructing.”