Remortgage Activity Strong in Last Month of First Quarter

Remortgage Activity Strong in Last Month of First Quarter

The latest CML data indicates the remortgage market will continue its strong run into the buying season and beyond, according to many within the UK housing market. The month of March was especially robust as almost 27,000 remortgage loans were approved. This is almost a 20% increase from the month prior, and a 6% boost from the same month last year. First time buyers will continue to struggle until, according to experts in the market, the government introduces a new buying plan which makes more properties affordable for the group.

The executive director of the Intermediary Mortgage Lenders Association, Peter Williams, commented on the latest CML figures, saying: "Today's CML data indicates the early momentum for 2015 clearly rests with the remortgage market.

"The fact that people are staying put for longer and mortgage pricing is at record lows gives people added incentives to reassess their existing loans, and should help to bring the remortgage market further out of its slumber."

Brian Murphy of the Mortgage Advice Bureau expressed concern for the first time home buyer group, saying: "The new government has absolutely no time to waste in introducing its new proposals to help first-time buyers – but the reality is it will take much more than Help to Buy ISAs and a limited number of starter homes to address the challenges faced by aspiring buyers on modest incomes."

The remortgage market started the year off with mediocre activity, but since then has taken off in a major way. Many home owners are taking advantage of attractive offers which are still on the table in the wake of lender competition and continued low interest mortgage loan rates.

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