Despite a decline in gross lending for September, the remortgaging market continued to grow.
According to research by the Council of
CML director general Michael Coogan said: “We expect remortgaging to continue to hold up as borrowers coming off fixed-rate deals look to refinance.”
However gross lending was at £30.6 billion during September, compared to £34 billion the previous month. Borrowing for house purchases decreased from £16.2 billion in August to £12.7 billion.
“Affordability is likely to continue to restrain buying activity,” explained Mr Coogan.
The CML recently predicted that the
© Adfero Ltd