Over £1bn was raised in the first half of the year through landlord remortgaging activity, according to Paragon Bank as more landlords seek funds for property improvements.
The £1.1bn raised from 6,737 cases was an increase from the £712m raised from 4,632 remortgages in the first half of 2024.
This represents a 54% rise in monetary terms and a 45% increase in the number of loans.
The activity from the first half of the year is the highest level of remortgage-funded property improvement by landlords since the first half of 2022, when £1.28bn was released in equity.
The sum in that year was 93% higher than the same period in 2021 when £662m was raised.
Louisa Sedgwick, managing director of mortgages at Paragon Bank (pictured above), commented that the data showed the impact of the 2022 mini budget on landlord sentiment.
“But it’s encouraging to see this recover over the past couple of years and approach the levels recorded before market turmoil,” added Louisa.
“This reaffirms the resilience of the market and shows that landlords will take advantage of a comparatively favourable borrowing environment to enhance their propositions, leveraging equity to make improvements to their properties.”
