Fewer remortgage loans in November

Posted on Thursday, January 15 by Joy Tibbs

New figures from the Council of Mortgage Lenders (CML) show that remortgage lending dropped in November, with 24,000 remortgage loans recorded. This was an 8% decrease compared with October and a 16% drop compared with November 2013. The value of these loans (£3.6 billion) was down 10% compared with the previous month and 14% compared with the previous November.

Buy-to-let remortgage lending also suffered month-on-month, with the number of loans recorded down 8% compared with October figures, although the number of loans was up 12% year-on-year. The value of these loans was £1.3 billion, down 7% compared with October but up 18% year-on-year.

Paul Smee, director general of the CML, said: “The easing back of activity is not completely unexpected as there is usually a seasonal lending dip in the winter months and the major industry changes and more restrained market sentiment have inevitably caused month-to-month fluctuations over the last twelve months.

“Our forecasts are for gross lending to continue to grow over the next two years and this reflects our belief that there are more stable conditions in the market than a year ago.”

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