Council of Mortgage Lenders reveal stronger remortgage figures

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Council of Mortgage Lenders reveal stronger remortgage figures

Fri 13th May 2011

The Council of Mortgage Lenders (CML) has announced stronger remortgage rates in the first quarter of 2011.

Remortgaging accounted for 37 per cent of all lending in the first quarter of the year, a seven per cent increase on figures from last year.

Although lending activity is still below last year's figures, the value of loans has increased by 26 per cent to a total of £5.4 billion.

Experts have suggested the recent increase in remortgage activity could be due to the expectations of an increase in interest rates.

Although a significant rise is deemed unlikely, increased sentiment could be reflected in more lending in upcoming months.

Director general of the CML Michael Coogan acknowledged an increase in house purchase and remortgage lending in March.

But he said: "Over the first quarter of the year as a whole, the picture was subdued and that is unlikely to change for the foreseeable future."

The CML recently revealed there had been little change in the level of mortgage payment difficulties for people in the first quarter of 2011.

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