The latest LMS remortgage report shows that mortgage lending in July was £4.2 billion, up by 26.4 per cent on July 2024 and 12.7 per cent on last month, June 2025, when the Council of Mortgage Lenders (CML) said £3.7 billion was withdrawn.
This represents the highest amount of remortgage lending in July since 2021.
Total gross mortgage lending went up by 11.9 per cent to £16.6 billion from £14.8 billion in June, with remortgaging now accounting for 25 per cent of the whole market.
Within remortgaging activity, the average borrower has taken out an average of £20,245 in extra equity.
LMS said that although this is 9.7 per cent lower than in June when the average total was £22,615, the total amount of equity withdrawn through remortgaging in July, £584 million, is the largest figure since May 2024.
The average remortgage loan amount fell by 2.4 per cent to £145,887, though this is still 11.0 per cent higher than in July last year.
LMS estimates that the total number of remortgage loans in July increased by 6.7 per cent to 28,590, compared with 26,800 in June. This figure is also up 13.9 per cent on this time last year (25,100).
Andy Knee, Chief Executive of LMS said: “Following subdued remortgage activity in June this month’s figures show a significant boost, with both gross remortgage lending and the number of remortgages both increasing significantly. In fact, the total remortgage lending figure marks the most successful July we have seen since 2021.
“The average amount of equity being released has fallen this month from its 13-month high in June but due to the increase in the number of customers, the total amount of equity being released by remortgaging is continuing to grow month by month.
“Despite Carney’s tying of an increase in interest rates to unemployment figures, more than one in seven (14%)* of our customers in July said they believed rates were going to rise. It is a good idea to take advantage of these deals whilst they are still around.”
LMS processes over 28% of all remortgage transactions in the UK and the report is compiled using this data.
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