Remortgaging steady, new home loans recede

20 October 2004
Remortgaging has held steady in the last month, while new home lending has fallen, as consumers try and secure the best deal as interest rates stabilise.

Overall, the Council of Mortgage Lenders has found that there was a four per cent drop in mortgage lending between August and September.

The amount taken out on house purchase loans was 23 per cent lower in September than the in July.

But remortgaging was strong - with a record £11.5 billion taken out in September alone.

The largest movement was in the fixed and capped-rate sectors - which accounted for 43 per cent of new lending in September.

"All the latest lending data reinforces evidence that the expected slowdown in the housing market is materialising," noted Michael Coogan, director general of the CML.
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