UK Money News
28th April 2008
Re-mortgaging up 27% in last year
The number of Britons seeking mortgages for house purchase has slumped in the last 12 months, as more and more homeowners opted to re-mortgage their property, it has been revealed.
Data from the Mortgage Advice Bureau (MAB) showed a 27 per cent decline in the number of mortgages granted for homebuyers.
Conversely, the number of loans for re-mortgaging increased by the same amount, the MAB said.
Brian Murphy, head of lending at the MAB, said the figures were indicative of the prevailing mood in the housing market towards the end of last year and in 2008 as buyers became more cautious.
He said: "The ongoing credit crunch cyclone is continuing to test borrowers' resolve.
"With less people choosing to buy, increasing levels of business now comes from remortgage clients."
The MAB also detected a 37 per cent decline in the number of borrowers taking out 100 per cent and 100 per cent plus loan to value mortgages.
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