CML: remortgage lending rises in June

Posted on Friday, August 12 by Joy Tibbs

According to the Council of Mortgage Lenders (CML), remortgage activity totalled £5.6 billion in June, up 8% compared with May and 6% compared with June 2015. The number of remortgage loans advanced in June totalled 32,400, up 4% month-on-month but down 2% year-on-year.

Remortgage activity totalled £16.9 billion during the second quarter, up 10% compared with the first quarter and 25% compared with the second quarter of 2015. The number of remortgage loans advanced totalled 98,700, up 10% quarter-on-quarter and 17% year-on-year.

Paul Smee, director general of the CML, said: “As ever, there is uncertainty and it will take more time and patience to understand how the market will evolve in the current environment. These figures predominantly cover activity in the run-up to the referendum.

“We still believe that the mortgage market is well capitalised, resilient and open for business, and will remain so for the foreseeable future.”

He added: “As might be expected, buy-to-let remortgage seems to have been less affected by the changes and remains consistent with lending last year.”

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