BBA: Remortgage market is strong
The remortgage market is currently enjoying a strong period of growth, the British Banking Association (BBA) has said.
According to figures released by the BBA as part of its monthly review of mortgage lending, April saw an increase in the number of remortgage loans that were agreed.
Consumers are switching agreements to get a better deal, BBA statistics director David Dooks said, describing the remortgage market as "active".
Furthermore, Mr Dooks dismissed any idea that the mainstream mortgage market is being brought to a standstill.
"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," he said.
In other news today, the Intermediary Mortgages Lenders Association has noted that remortgaging activity currently accounts for nearly half of all home loan agreements.
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