UK householders remortgage activity totalled £11.9 billion in last 3 months

The value of mortgages taken out by British home buyers has hit its highest level since 2007, according to the latest research from the Council of Mortgage Lenders.

Although sales slowed down a little toward the end of the summer, third quarter figures for 2014 showed that mortgage activity levels were close to their most recent highs of 2007, when the downturn was just kicking in.

Remortgage activity hits £11.9 billion

September 2014 saw 28,300 remortgage loans approved, a 20% increase on August’s remortgage activity. This also represented a 22% increase in value compared to August remortgage activity.

Mortgage experts respond

Paul Smee, who is the Council of Mortgage Lenders director general, commented that new mortgage regulations introduced earlier in the year had led to a period of “change, transition and growth” in the mortgage market. He also commented that “the lending market is healthier than it was a year ago, and set to remain so” and cited remortgaging as a particularly important factor in increased lending for buy to let property owners.