Remortgages slow down
Nov 14, 2006
The Council of Mortgage Lenders(CML) today released it's latest figures on the level of remortgages.
They announced that rates are at their lowest for five years and suggest the reason for this may be that lenders are finally getting better at retaining their existing customers. In September 2005, remortgages made up 42% of the market but this has now dropped to just 30%.
Also interesting is that the huge jump in people selecting fixed-rate deals over recent months has also backed off slightly, dropping to 59%, but it had been as high as 70% in the second quarter of 2006. The average fixed rate deal now completes at 5.24%.
A spokesperson for the CML suggested that the whole mortgage market is cooling in the wake of higher interest rates and that mortgage lenders are making more efforts to retain their existing customers by reducing the incentive to remortgage to another lender.
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