Expert encouraged as mortgages and remortgages grow

The rise in both mortgages and remortgages has been welcomed by mortgage brokerage John Charcol.

Senior technical manager Ray Boulger said there was good reason to be encouraged by news from the Council of Mortgage Lenders (CML) that loans for house purchases rose by 23 per cent in June from May.

He stated: “We have seen a steady improvement for most of this year, but that’s a bigger increase than I was expecting.”

Mr Boulger also said he was surprised to see a rise in remortgaging, as he had not expected such a trend to occur this year.

The CML figures revealed that the number of house purchase loans increased from 36,500 in May to 45,000, although this meant the figures were still six per cent down on June 2008.

Remortgages were up 13 per cent during the month, although this represented a 55 per cent drop from a year before.

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