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Rise in remortgage approvals

Rise in remortgage approvals

Category: Mortgages

Updated: 03/06/2013
First Published: 03/06/2013

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The number of successfully approved remortgage applications rose during April this year, with 30,313 loans advanced compared with 30,183 in January.

Approval levels for remortgage cases have steadily increased over the first four months of 2013, rising from 25,766 in January as the effects of the Government's Funding for Lending Scheme (FLS) filter through to the market.

Despite an increase in the number of refinancing loans approved, fewer purchase loans were advanced during April. A total of 53,710 loans were approved to people buying or moving property during April, compared with the previous six months' average of 53,729.

The volume of overall credit approved to individuals for personal loans, credit cards and overdrafts also grew during April to £1.42 billion, reflecting an increase of £1.4 billion compared with the average six monthly rise of £0.4 billion.

Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA), said: "So far this year the number and value of remortgage approvals has grown every month without fail, whereas purchase activity is still below the marker set in January when it was £54.5 billion."

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