Remortgages 'continue to fall'
Although the number of new home loans recorded in the past year has increased, remortgaging has continued to fall, new figures have revealed, which could mean that Britons who are struggling financially could find it more affordable to sell up and rent.
The Council of Mortgage Lenders (CML) has found that the number of remortgages taken out decreased by 57 per cent, when compared to last year.
Peter O'Donovan, head of mortgages at Bestinvest, said that when it came to remortgages, there were a lot of people "sitting on" a very low variable rate, which meant fewer people were considering moving.
He added that people were unlikely to move until the base rate began to increase.
In light of this, people may find that property to rent in Islington or other parts of London is a more affordable alternative to buying it until the housing market shows more signs of recovery.
CML revealed that there were 32,000 remortgages in August 2009 - down by 22 per cent from July 2009 and by 57 per cent from August 2008.
Written by Andy Britten
Published 13th October, 2009
© 2009 Estates IT Limited
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Remortgaging levels are continuing to fall, new figures have shown, which may mean Britons could find it cheaper to rent.