The value of UK remortgages has reached a six-year high, as the number of people taking advantage of lower rates.Two-year and five-year fixes have both fallen in recent months, meaning that now is a good opportunity for Britons on their lender’s SVR or an older, more expensive mortgage to save money on a new package.LMS estimates that the number of remortgage loans rose by 21 per cent from 26,600 in March to 32,230 in April, an increase of 15 per cent year-on-year as 28,100 remortgage loans were recorded in April 2014. This is the largest number seen since September 2013.The report also reveals that the value of monthly gross remortgage lending saw an increase to £4.8bn in April, the largest amount since July 2009 and a 15 per cent rise from March’s Council of Mortgage Lenders figures. Gross remortgage lending was also 15 per cent higher than in April last year. The average amount of equity withdrawn from remortgaging per customer rose to £24,565 in April, a 13 per cent rise from March. This is also 57 per cent higher than April 2014, when the average amount was £15,696. Despite the substantial increase in the amount withdrawn, rising house prices mean the loan size hasn’t increased and the average LTV amount actually fell by 4 per cent.Therefore, the total amount of equity withdrawn from remortgaging in April stood at £792m, up 37 per cent from the £579m released in March, and an increase of 80 per cent from April last year. This is the largest amount recorded since July 2008.Commenting on the latest figures, Andy Knee, Chief Executive of LMS said:"The growth in remortgaging in April is a much-needed boost to a sector which has experienced huge fluctuations over the past 12 months. It also suggests we may be slowly returning to pre-crisis levels of activity with the total amount of equity withdrawn through remortgaging reaching figures we haven’t seen since 2008. While we have a positive outlook for the year ahead, we do not anticipate a surge of activity but instead a steady stream of customers to keep lenders busy."Photo: Images_of_Money

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