More people choose to purchase rather than remortgage
John Charcol, the mortgage specialist has said that more people are obtaining a new mortgage on their property rather than remortgaging.
The new data has shown that there has been a steep increase in property purchasing and this has pushed new loans higher than remortgages.
During May 2009, 53 per cent of mortgages accounted for were for new property; in contrast to 40 per cent in April 2009. Ray Boulger from John Charcol commented: "This new data pointed towards positive signs of recovery."
He commented further: "In 2008 purchases made up an average of 25 per cent of our business, however 2009 is a very different story. Purchases have taken an increasing share over the course of the year to date."
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