Remortgaging drops to five-year low
Nov 21, 2006
Remortgaging has dropped to its lowest level in five years, the Council of Mortgage Lenders (CML) has claimed.
Figures from the organisation showed that in September, remortgaging accounted for 30 per cent of the mortgage market by value - its lowest level since August 2001 and lower than the 42 per cent it accounted for in September 2005.
CML director Michael Coogan said that the figures showed that lenders were reacting to competitive conditions and offering more attractive products to their customers so that they would stay with them. The figures also showed that the market was cooling due to the environment of higher interest rates, he added.
However, the figures seemed to contradict data from Egg which found that ten million Britons were thinking about remortgaging between now and February. The majority were looking to remortgage to fixed-rate products, following the recent base rate rise to five per cent.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
All you have to do is complete our Secured Loan Application Form and let us give you a FREE and NO obligation quote.
