Brits Remortgaging In Greater Numbers

An increasing number of Britons are remortgaging as fixed-rate home loans expire, according to figures from the Council of Mortgage Lenders (CML).

Remortgaging in May saw a 17 per cent year-on-year increase, the new statistics revealed – and this was a 25 per cent increase on April's figure of 80,000.

First-time buyers and home-movers also increased their mortgaging activity in May, showing a welcome upturn compared with previous data.

CML director general Michael Coogan said: "The robust growth of remortgaging and lending for house purchase in May reflects a growing and stable market. All the signs are that this will continue, although maybe at a slower rate.

"Lending to first-time buyers and home-movers is strong, and today's data reverses the dip in lending to these groups we witnessed in April."

Remortgaging constituted some 38 per cent of all home loans in May – a two per cent increase on the proportion of the previous month.