Property market to be ‘dominated by remortgaging’

Remortgage deals are likely to continue to increase in number of the course of the year, one expert has said.

Pauline McCallion, the editor of independent website Your Mortgage, stated that remortgaging activity has risen over recent months and growth in mortgage lending has slowed.

More homeowners are agreeing remortgage deals as uncertainty in the property market has spooked first-time buyers and made many home movers stay put, she said.

Thus, Ms McCallion predicted: “The bulk of mortgage lending for the rest of this year will be in the remortgage sphere.”

She added that it is too early to suggest that the mortgage market is recovering, with major lenders reducing and increasing rates in home loans in successive weeks.

Strong growth in the remortgage over recent months has been recorded by the British Bankers’ Association.

© Adfero Ltd

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