Remortgage figures 'continuing to fall'

Posted: 18 Jan 2010 11:32:27 GMT

The number of people who are remortgaging their homes continued to fall towards the end of 2009.

Figures published by the Council of Mortgage Lenders revealed that remortgage activity fell by six per cent in November in comparison with the previous month, which equated to a 39 per cent year-on-year fall.

Gary Styles, director of strategy, risk and economics at Hometrack, commented that the reason for this fall is because many lenders have been focusing on house purchase loans.

"In addition, there has been far less interest in remortgaging because lenders haven't been aggressively trying to recruit lots of new remortgage lending," he said.

For those who are thinking of remortgaging their property, he advised, it is possibly best to wait until at least 2011 when more "competitive" deals will become available.

According to the most recent statistics from the British Bankers' Association, the value of house purchase loans in October stood at £6.6 billion, a 208.7 per cent rise on the same month in the previous year.

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