Renewed strength in remortgage sector, claims CML

Posted on Wednesday, November 20 by Joy Tibbs

New figures from the Council of Mortgage Lenders (CML) showed strong growth in homeowner remortgage lending during September.

A total of 32,900 remortgage loans were advanced during the period, up 20% compared with August figures and 36% compared with September 2012. Homeowner remortgage lending totalled £4.7 billion, an increase of 24% compared with August and 47% compared with September 2012.

Remortgaging rose by 11% during the third quarter of 2013 to 90,400 loans, compared with 72,000 loans during the third quarter of 2012.

Buy-to-let remortgage lending also increased during the third quarter, up 15% compared with the second quarter of 2013 and 42% compared with the third quarter of 2012. The value of these loans also increased in September to £2.9 billion, up 19% compared with the second quarter and 53% compared with the third quarter of 2012.

Paul Smee, director general of the CML, said: “The typical seasonal fall in lending in September was expected, but we are seeing appreciable year-on-year and quarterly lending rises that suggests the market is continuing its recovery.

“First-time buyers were a key driver in the first half of 2013, but now homemovers and remortgages are showing renewed strength which puts the market in a good position to continue momentum into the final few months of 2013 and the New Year.”

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