BoE reports surge in remortgage lending
Remortgage lending grew 27.6% in October, according to Bank of England data.
Remortgage lending from the UK’s largest UK lenders totalled £3.7 billion in October, compared with £2.9 billion the previous October.
However, remortgage lending fell slightly month on month from £3.8 billion lent in September.
Total gross mortgage lending totalled £10 billion in October, a slightly drop from £10.1 billion in September but an 8.7% rise from £9.2 billion in October 2010.
Economist at Capital Economics UK Samuel Tombs says: “The number of mortgage approvals for new house purchase rose from approximately 51,200 in September to 52,700, but this just reversed September’s drop.
“Rapid falls in employment and real earnings, as well as deteriorating conditions in wholesale funding markets, suggest that approvals are unlikely to keep rising.”
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 »
