Mis-sold Mortgage Claims > Mortgage News
Remortgages increase by 10 per cent as borrowers look at interest rates
Tue, 04 Jan 2011
Following recent data released by the Bank of England it has been reported that there has been a 10 per cent increase in lending to borrowers who have remortgaged during November. This is an increase on October lending figures of £0.4 billion up to £4.4 billion.

Many mortgage industry experts believe that there may be an earlier than expected rise in interest rates as inflation figures continue to rise.

One commented, "These are encouraging figures as any increase in lending activity is welcome, however, lenders continue to cherry pick borrowers. More funding needs to made available for house buyers, I don’t think the current levels of low rate offers from lenders will continue, many brokers will be looking to remortgage their existing clients who have a low loan to value (LTV) in the first quarter of this year."

The increase in remortgages was supported by a significantly higher level of mortgage approvals for remortgages during the same period, up nearly 22 per cent on the monthly average over the previous six months. Other data released has shown that house prices have remained stable.
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