Remortgage lending grows to five-month high - Mortgages - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Remortgage lending grows to five-month high

Remortgage lending grows to five-month high

Category: Mortgages

Updated: 14/06/2013
First Published: 14/06/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."

What next?

Search all mortgages
Find the best remortgaging deals
Mortgage repayment calculator

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Close