28th May 2008
UK mortgage holders were active in the remortgaging sector last month, according to new statistics.

The latest figures from the British Bankers' Association (BBA) show "exceptionally strong" approvals for remortgaging for April.

Overall, mortgage lending strengthened slightly from the previous month, while there was a marginal fall in consumer credit as borrowing on credit cards declined.

BBA director of statistics David Dooks said the activity in the remortgaging market was the result of consumers switching lenders in a bid to obtain the best UK mortgage deal.

"With some £18 billion of new lending and nearly 150,000 loans approved in April, it is clear that - contrary to some reports - the mainstream mortgage market has not ground to a halt," he concluded.

Earlier this month, the Council of Mortgage Lenders also noted resilience in the remortgaging market, with 44 per cent of total gross lending for the first quarter constituting remortgaging activity.

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News on the Subject of Mortgages in the United Kingdom Brought to you by the SimpliGroup – Making sure that you are fully informed about the UK Financial Market



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