Remortgage deals expected to grow
Remortgage deals are said to grow despite a drop in mortgage lending, more news revealed.
A recent suggestion which was cleared up by the Council of Mortgage Lenders (CML) stated that gross lending lies at £25.5 billion for May period, leaving a 19 per cent decrease compared with May 2007.
The CML confirmed that mortgage lending was still at its highest level and homeowners were now focusing on the remortgage sector.
Director-general body, Michael Coogan, commented: "The remortgage market remains on track to meet our forecast for growth this year, demonstrating the resilience of the market despite recent bad news."
He also explained that for the next couple of month’s mortgages being taken out to purchase a new home would still be at its slowest pace.
The mortgage sector has been proved to be at its slowest pace since the early 1990’s. Experts feel that by the end of 2008, mortgage deal approvals will start taking the upward trends. However this is not certain and only a suggestion has been placed forward.
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