CML reports remortgaging decline in October

Posted on Thursday, December 19 by Joy Tibbs

According to the latest Council of Mortgage Lenders (CML) figures, homeowner remortgage activity declined in October, with a total of 28,300 remortgage loans advanced.

This was a 12% decline compared with September figures and a 3% fall compared with October 2012. Homeowner remortgages fell 11% in value to £4.2 billion compared with September, but increased by 14% compared with October 2012 figures.

Conversely, buy-to-let remortgage lending increased in October, up 11% compared with September. A total of 7,600 loans were advanced for buy-to-let remortgages, with a total value of £1.1 billon. This was an 11% increase in value month-on month.

Overall, the total number of homeowner mortgages rebounded strongly compared with September. The number of loans increased by 17% month-on-month and 24% year-on-year.

Paul Smee, director general of the CML, said: “After years of a relatively flat mortgage market, 2013 has shown signs of lending turning a corner and looks set to finish the year strongly.

“Increased financial optimism among the public as the economy recovers seems to be driving this upward trend and it is welcome to see that first-time buyers continue lending momentum as more look to own their first home.”

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