Homeowners cash in on cheap loans as remortgaging booms

Remortgaging levels have bounced as homeowners cash in on historically low borrowing costs caused in part by a change in financial regulation.

The number of households that withdrew equity from their home in March jumped 9.1% to 16,810 compared with last year, according to figures from UK Finance, the industry body.

In total, the value of equity withdrawal mortgages was up 7.9% at £3bn. Of that, £937m — or £55,714 per mortgage on average — was removed from equity in the home.

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