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NewsRemortgaging 'rose by nearly one-third in August'
Remortgaging 'rose by nearly one-third in August'
Posted by Emily Swanson
Remortgaging has risen by nearly one-third in August compared to last year, according to a new report.
The Council of Mortgage Lenders (CML) has revealed that this increase continued throughout the summer, with 34,100 loans taken out to the total value of £4.2 billion.
House purchase lending rose both across the first-time buyer (FTB) and mover sector, with FTBs seeing a five per cent improvement on 2010, while consumers climbing further up the housing ladder took out 33,000 loans in August - eight per cent better compared to the month before.
Director-general of the CML Paul Smee said: "Even though it is impossible to ignore the knocks to confidence emanating from the Eurozone, August lending showed welcome signs of life."
This could be good news for those seeking to make progress on the housing ladder and secure a mortgage.
Editor of What Mortgage Ben Wilkie advised these consumers recently that despite low interest rates, fixed-rate mortgages still represent the best option for UK house hunters.
11/10/2011 13:39
News category: Property