Remortgage applications rise 9% in October
According to figures from the Mortgage Advice Bureau, the number of mortgage applications for purchase fell 9.4% in October compared with September figures.
However, applications are up 21.7% for the year to-date compared with the corresponding period in 2010.
Despite the overall drop in purchase applications, remortgage application numbers grew 9.3% following a 12% rise in September.
With remortgage activity partially offsetting the decline in purchase applications, overall mortgage activity fell by just 4% in October.
Brian Murphy, head of lending at the Mortgage Advice Bureau, says: “Remortgaging as a proportion of total business increased to more than 31%, its highest share this year.
“With mortgage rates remaining at effectively all time low rates, it is no surprise to see more borrowers taking advantage of these opportunities.
“The ongoing eurozone crisis appears to show no signs of stabilising, although as yet it doesn’t appear to be having any direct effect on lender appetite or the number, range and price of products.”
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