LMS, the conveyancing solutions provider, has published its latest weekly update, tracking remortgage market performance through the Covid crisis.

The update includes LMS’ proprietary data on remortgage instructions, completions, cancellations and pipeline activity and omparisons reflect comparative figures for the periods 1st-21st March 2020, and 1st-21st April 2020.

Remortgage instruction volumes are increasing following a dip after the lockdown announcement. From the week commencing 6th April to the week commencing 13th April, instruction volumes increased by 9%.

Remortgage completions numbers are closely following the pattern seen in March. 70% of the way through April the current number of completions stands at 69% of the March total.

Remortgage pipeline activity has remained steady throughout the crisis so far, with the volume of applications carried forward month-to-month remaining in line with last year’s figures.

There will be a clearer picture on this indicator at month end.

Despite initial concerns in early March, remortgage cancellation levels have also remained stable throughout the crisis.

Year-on-year, cancellation figures currently stand at 26% below April 2019’s total, which is proportionate given there are 8 days of the month still to run.

Nick Chadbourne, CEO of LMS, commented:

“Promising levels of activity continue in the remortgage sector, with borrowers opting to take out new deals and industry service levels remaining strong.

“All metrics are holding steady, and strong instruction figures give cause for some quiet optimism.

“The industry is showing its resilience during a testing time, and we hope to see this continue as the industry’s hard work pays off and delivers for borrowers.

“It has been promising to see the collaboration between all stakeholders within the mortgage process as we assist each other through the crisis.”