Bank of England figures show drop in remortgage approvals
The number of remortgage approvals fell in November to 31,154, falling below the previous six-month average of 32,448.
Bank of England figures show that 52,854 mortgage loans were approved for home buyers in November 2011, up by 68 compared with October data.
Gross mortgage lending totalled £12.6 billion in November, higher than the previous six-month average of £11.7 billion.
David Braithwaite, director of Citrus Financial Management, told Mortgage Introducer: “The material drop in the number of remortgages may reflect how, as the eurozone crisis escalated and the economy deteriorated in the late autumn, people became even more confident that interest rates are going nowhere for quite some time.
“The fall in remortgage activity may also reflect declining equity levels in the UK’s housing stock as house prices continue to slide downwards.”
NatWest Intermediary Solutions has cut the rates on a number of its fixed-rate purchase and…Read more »
National Counties has reduced the completion fee on its ten-year, fixed-rate remortgage to £495.…Read more »
The number of remortgage approvals fell in November to 31,154, falling below the previous six-month…Read more »
