CML: Remortgaging 'remains strong'
www.moneynews.co.uk > Housing market > CML: Remortgaging 'remains strong'
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CML: Remortgaging 'remains strong'
Tue 13th Nov 2007
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A total of £30.6 billion was lent in September, the data reveals, with remortgaging making up £11.1 billion of that amount.
The figure is higher than that of the previous month, as well as September 2006.
CML director general Michael Coogan said that the findings suggest "higher interest rates are now beginning to slow the housing market".
"Looking forward, we expect remortgaging to continue to hold up as borrowers coming off fixed-rate deals look to re-finance," he remarked.
However, he added that the Bank of England's decision to hold the base interest rate may have been a disappointment to some borrowers who had hoped it would be lowered.
"But rates have now reached their peak and a move downwards will help ease some of the pressure on household finances," he said.
Just last week, the CML had predicted that the Bank would cut interest rates this month.
Related News : Housing market |
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