CML data shows shift from remortgaging

Remortgaging companies in Northern Ireland are likely to feel the pinch as as new figures from the Council of Mortgage Lenders (CML) indicate that remortgaging declined in February.

The CML data shows a rise in the number of house purchase loans approved in February, with 56 per cent of new loans accepted at fixed rates, up from 49 per cent in January.

Only 31 per cent were tracker mortgages, down from 38 per cent in January as the number of house purchase loans that were exempted from stamp duty rose to 57 per cent from 48 per cent last year.

"Some large banks are making more funding available through enhanced lending commitments, which is helpful but will not satisfy consumer borrowing demand on its own," said CML director general Michael Coogan.

He went on to say that the government needs to put in place measures to ensure all types of lenders are able to commit more funds to rekindle the mortgage market.

The Bank of England also recently announced that lending was beginning to pick up.
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