REMORTGAGES BEGINNING TO GAIN MOMENTUM

May 20, 2015 by in category Mortgage News with 0 and 0

As the number of loans advanced to borrowers increased year-on-year for the first time in 11 months, so the remortgage market slump showed signs of ending in March

There were 26,600 loans to remortgage borrowers in March, according to the Council of Mortgage Lenders, up 6 per cent on March 2014’s 25,200. Since April 2014, this was the first time that the number of remortgage loans had been up annually.

Up 14 per cent on the £3.7bn of remortgage lending a year earlier. remortgage loans totalled £4.2bn in March,

If we look at the quarterly figures however, the recovery in the remortgage market is far from established.

In contrast to remortgage lending being up year-on-year in March, house purchase lending was down.

Although the value of house lending went up the number to house purchase loans went down.

On the other hand the number of buy to let loans went up 21 percent.

“It was a slow start to activity in the first couple of months of 2015 but the market started to get out of the dip in March, a trend that we think will continue as the year goes on. CML director general Paul Smee said

He went on to say “We will have to wait and see how the housing market reacts to the general election result and the reduction in the risk of a prolonged period of market uncertainty which could well have been damaging to businesses and the housing market.”

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Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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