Strong growth recorded in remortgages, says BBA

Friday 30 May, 2008

Remortgaging activity has been growing strongly of late, new figures from the British Bankers' Association (BBA) have revealed.

During the month of April there was a rise in the number of remortgages deals agreed between lenders and homeowners, the BBA discovered as part of its monthly review of the mortgage sector.

BBA statistics director David Dooks noted that many people are switching deals to ensure a better agreement and described the remortaging market as "active".

Dismissing any suggestions that the mainstream mortgage market is reaching a standstill, he stated: "With some £18 billion of new lending and nearly 150,000 loans approved in April, it is clear that, contrary to some reports, the mainstream mortgage market has not ground to a halt."

The Intermediary Mortgages Lenders Association said recently that in the current market nearly half of all home loan deals are remortgages agreements.

Source: http://www.moneyexpert.com/News/