Remortgage activity rises in January, reports CML

Posted on Monday, April 7 by Joy Tibbs

In contrast to the month-on-month decrease in lending for homeowner house purchase, homeowner remortgage activity increased in January with a total of 28,000 remortgage loans advanced.

This was a 10% increase in volume compared with December and a 16% increase compared with January 2013. These loans totalled £4.2 billion in value, an increase of 11% on December and up 31% compared with January 2013.

The number of loans to first-time buyers increased by 38% in January compared with January 2013. Buy-to-let lending for house purchase increased by 11% in volume in January compared with December 2013. Buy-to-let remortgage lending also increased by 6% compared with December.

Paul Smee, director general of the Council of Mortgage Lenders (CML), says: “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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