Remortgage industry in 'rude health', claims IMLA

Posted on Friday, May 6 by Joy Tibbs

The number of UK house purchase loan approvals totalled 71,357 in March, more or less flat with the average over the previous six months, according to new data from the Bank of England.

The number of remortgage approvals totalled 41,347, compared with an average of 40,755 over the previous six months.

The number of approvals for other types of home loan was 12,875 compared with the average of 12,267 over the previous six months.

Chairman of the Independent Mortgage Lenders Association (IMLA), Kevin Purvey, said: “Having seen the remortgage market bounce back during summer and autumn of 2015, it’s a positive sign to see it remaining in rude health in the first quarter of 2016.

“This is likely to be influenced by intense competition among mortgage lenders, which has driven mortgage rates down to record lows.

“Following house price rises, it means now could be a sensible time to consider remortgaging whether simply to refinance or release equity.

“We expect remortgaging to be one of the strongest growth areas within the mortgage market this year, with home owners looking to remortgage benefitting very much from lender competition and the plethora of products available.”

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