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Remortgaging sector 'bouyant'
13/06/2008
The director general of the Council of Mortgage Lenders (CML) Michael Coogan has claimed that the British remortgaging market remains "buoyant".
Speaking to BBC Radio 4's Today programme, Mr Coogan described the mortgage sector as "a market of two halves".
While house prices are being squeezed, the remortgaging market is meeting forecasts and "continues to perform well", he noted.
Although the market was seeing fewer first-time buyers, there has been a "resurgence" in fixed-rate loans.
Mr Coogan added: "We are expecting [the growth of fixed-rate deals ] to continue as we are no longer expecting the interest rate falls that maybe a few weeks ago we were."
Statistics from the CML have shown a rise in the number of mortgages being taken out in April.
The 50,700 mortgages were around 5,000 higher than those taken out in March, although 36 per cent lower than the same period last year.
Speaking to BBC Radio 4's Today programme, Mr Coogan described the mortgage sector as "a market of two halves".
While house prices are being squeezed, the remortgaging market is meeting forecasts and "continues to perform well", he noted.
Although the market was seeing fewer first-time buyers, there has been a "resurgence" in fixed-rate loans.
Mr Coogan added: "We are expecting [the growth of fixed-rate deals ] to continue as we are no longer expecting the interest rate falls that maybe a few weeks ago we were."
Statistics from the CML have shown a rise in the number of mortgages being taken out in April.
The 50,700 mortgages were around 5,000 higher than those taken out in March, although 36 per cent lower than the same period last year.
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