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Remortgage activity show signs of slowdown
Remortgage activity is showing signs of a slow down, after holding up well in the face of falling house prices, according to the Council of Mortgage Lenders (CML). The fall in remortgage activity was marginally offset by a slight rise in new loans for house purchase.
However The growing popularity of fixed-rate mortgages, despite the relatively high rates, suggests that many borrowers are prioritising certainty in their monthly payments. Lending levels continue to full; any recovery is still some way away, with little or no sign of the special liquidity scheme easing the flow of funds to the industry or lowering the cost of funds as hoped.
The figures are the latest in a series of reports, fuelling suggest mortgage finance in the UK is drying up as lenders become worried about bad debts and rapidly falling house prices
