The number and value of remortgages taken out in August increased by more than 30% on the same period of last year, as the market showed "welcome signs of life", according to the CML.
Its latest figures revealed that the number of remortgages in August rose 33% on the same month of 2010 to 34,100, up 31% in value to £4.2bn. This was also up 9% in number and 5% in value on July. While house purchase mortgages increased at a more modest rate, lending to first-time buyers and home movers was at its highest for more than a year, the CML said. The number of house purchase loans increased 2% year-on-year and 7% on July to 52,000, while the value of house purchase deals grew to £7.9bn - up 10% on July and 3% on August 2010. Lending to first-time buyers grew 5% to 19...
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