RE: RNS Completion of £2 billion Share Buyback Programme29 Aug 2023 13:53
A record proportion of homeowners stuck with their existing lender to remortgage in April amid rising rates, according to industry figures.
Nearly nine in 10 (88%) residential remortgage deals in April were done with the borrower’s existing lender, marking a high in UK Finance’s records going back to the start of 2018.
By June, the latest month for which figures are available, the proportion remortgaging with their existing lender had fallen back to 84%.
In general, existing mortgage holders wanting to borrow more money or to switch to a different lender would need to undergo another affordability test.