29 May 2008
Lenders and consumers are agreeing an increasing number of remortgage deals, it has been revealed.
Figures from the Intermediary Mortgages Lenders Association (IMLA) show one per cent growth in remortgage activity, with the home loan deals now accounting for 49 per cent of mortgage agreements.
And IMLA members are forecasting a further increase in remortgaging activity of two per cent in future months, according to the body's latest poll.
"With home buying activity currently depressed and many fixed-rate and discounted deals up for renewal, there has been an increase in remortgaging business," IMLA's executive director Peter Williams said.
The housing market is currently "rebalancing", Mr. Williams added, but warned that not all homeowners will find it easy in the current market to agree a remortgage deal with a lender.
Editor of Homebuilding.co.uk Jason Orme said that there are plenty of mortgage products available for self-builders.
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