CML reports rise in remortgage activity

Posted on Monday, March 17 by Joy Tibbs

According to the Council of Mortgage Lenders (CML), homeowner remortgage activity increased in January, with a total of 28,000 remortgage loans advanced. In volume terms, this was a 10% rise compared with December and a 16% increase compared with January 2013. These loans totalled £4.2 billion in value: an 11% rise compared with December and a 31% increase compared with January 2013.

The total number of homeowner loans for house purchase was down 16% in January compared with December 2013, but up 30% versus January 2013.

The usual seasonal dip saw the number of first-time buyers and home movers fall in January compared with December 2013, but both increased substantially compared with January 2013 figures.

Paul Smee, director general of the CML, said: “January is always a subdued month in the mortgage market but the underlying trend and strong year-on-year growth across all borrower groups indicates a strong start to 2014 continuing the sort of lending levels seen throughout 2013.

“Lending to first-time buyers and home movers has continued its upward trend and this, coupled with the growth in remortgage and buy-to-let activity, would suggest that all parts of the market are open for business.”

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