Mortgages activity increases 25%21 June 2012
The National Mortgage Index from the Mortgage Advice Bureau has revealed that mortgage activity has reached its highest level this year as reported by mortgagestrategy.co.uk.
The research, derived from over 500 brokers and 800 estate agents discovered that the number of mortgage applications had increased by 16% on 2011. 21% more remortgage applications is helping to drive the increase.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “With average two-year fixed rate mortgages having risen month on month since September 2011 and three and five year fixes also both having risen month on month from December 2011, and with several lenders recently raising their Standard Variable Rates, it is not surprising we have seen an uplift in the number of remortgage borrowers."
“And with the average loan-to-value of remortgage borrowers reducing significantly during May it appears that a number of borrowers with high levels of equity, who have until now refrained from remortgaging, are now entering the market and taking advantage of what are still – by historic levels – extremely attractive rates.”