CML: remortgage activity rebounds

16th November 2015

Homeowner remortgage activity rebounded after a dip in August to increased levels in September compared with August figures and data from September 2014, according to the Council of Mortgage Lenders (CML). The buy-to-let sector experienced year-on-year increases in volume and value terms for both remortgage and house purchase.

Homeowner remortgage activity increased slightly during the third quarter compared with the second quarter, but registered a more substantial increase compared with the third quarter of 2014. The buy-to-let remortgage sector registered significant quarter-on-quarter and year-on-year increases in value and volume terms.

Paul Smee, director general of the CML, said: “The market was a slow starter this year, but this quarter shows it is now firmly on an upward trajectory. With competitive rates and high levels of product choice currently available, alongside generally improving economic conditions, we expect this to continue as we head into the new year.

“Buy-to-let continues its growth this period, but at 18% of new lending in September remains the fourth largest lending type behind first-time buyers, home movers and remortgage. There were five times as many house purchase loans to homeowners as buy-to-let landlords in September, and the growth in buy-to-let lending largely continues to reflect its more belated recovery from recession.”

*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.