CML: remortgage lending up 11% year-on-year

Posted on Monday, October 14 by Joy Tibbs

New data from the Council of Mortgage Lenders (CML) shows that with 25,100 loans advanced, homeowner remortgage lending was down 7% in August compared with July figures. However, this was an increase of nearly 11% compared with August 2012. The value of these loans was £3.5 billion collectively, a decrease of 9% compared with July, but up 17% compared with August last year.

Buy-to-let remortgage lending fell slightly to 6,900 loans in August from 7,200 loans in July. August buy-to-let remortgage lending totalled £1 billion compared with £1.1 billion in July.

Bank of England approvals figures suggest this same pattern for remortgaging will continue into September.

Paul Smee, director general of the CML, commented: “The healthy growth in all lending areas compared to the same time last year is indicative of more confidence in the market.

“The high number of borrowers, in particular first-time buyers, opting for fixed rates reflects the attractive pricing currently on products which can provide helpful stability to borrowers for the next few years.”

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