Product category:
Consumer issues
News Release from: Defaqto | Subject: Mortgages
Edited by the Insidemoneytalk Editorial
Team on 31 March 2008
Defaqto comments on latest BBA mortgage
figures
The latest British Banking Association figures demonstrate the rise and rise in importance of loans for remortgaging, as opposed to loans for house purchase and other secured lending.
In value terms, in February, remortgaging accounted for 56% of all mortgage loans approved at the seasonally adjusted level, and 58% not seasonally adjusted In February 2007 the figures were 44% and 47% respectively.David Black, Principal Consultant - Banking at Defaqto, said: "The changes in the composition of the mortgage market since this time last year have been dramatic and only a brave person would bet that the position will change in favour of house purchasing in the near future
In many cases people may be turning to secured loans to raise extra funds, rather than remortgaging because their credit rating has deteriorated since their original mortgage was taken out.".
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