Figures released by the Council of Mortgage Lenders (CML) have revealed a rise in the volume of remortgage loans approved during April this year.
A total of 25,600 remortgage loans were issued to borrowers at a value of £3.4 billion, representing a 9.7% increase from March 2013 and the highest level since November last year.
Despite reports of increased activity from buyers as a result of low mortgage rates flooding the market via the Government's Funding for Lending Scheme, lending in the first-time buyer sector fell during April.
The number of home loans issued to people buying their first home reduced by 1%, with 19,400 mortgages advanced.
Purchase lending was also down compared with March, with 42,600 home loans advanced to borrowers. The total value of purchase lending remained at March's figure of £6.3 billion.
Overall, mortgage lending climbed by 5% on a monthly basis, fuelled by the increase in remortgage lending.
Chief executive of LMS, Andy Knee, said: "This morning's figures demonstrate yet another strong month in the remortgage market, with the amount being advanced up 10% on March and a favourable year-on-year comparison."
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