The Council of Mortgage Lenders has just announced that the remortgage and mortgage markets are both showing signs of improvement. More remortgages and mortgages sales increased in June, but of course it was an improvement from an unbelievably low levels.There were 45,000 mortgages approved in June which was a 23% increase from May, and these mortgages were for house purchase.This figure was only 6% less than in the previous year. There were a total of 34,000 remortgages approved last month which was a 13% improvement on the previous month, but although this is an improvement it is a 55% fall on the same period last year, and it must be remembered that last year was hardly a peak for any kind of lending and borrowing for any financial product whether it was remortgages, mortgages, secured loans, debt consolidation loans or whatever.For the year to date the most popular mortgae product has been the fixed rate, and in fact for the first half of this year 78% of all home loans was the fixed rate product.First time buyer mortgages increased by 26%. There is a long way to go before the mortgage market will regain it’s former healthy position, but it does look that a slight sign of improvement is being seen.
http://www.championfinance.com/remortgages.htm
Published: August 12, 2009
