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Mortgage lending at a two-year high, expert claims
Thu, 13 Jul 2006
Lending for borrowers looking to find a remortgage is rising in the UK, according to an expert.

UK residents are "feeling confident" about the housing market, and lending for mortgages is now at a two year high, claims Jeavon Lolay, of Lloyds TSB.

Mr Lolay, a senior economist at the company, claims that a public expectation of rising interest rates is leading many UK homeowners to find a remortgage now, rather than wait.

Furthermore, a number of mortgage deals are up for renewal, which is leading to many looking for equity release, he believes.

"They [borrowers] are more confident that house prices are not going to slip back," he said"

"Maybe because there is higher consumer debt, they are now looking at remortgaging as a way of containing that debt."

Mr Lolay added that if more people are trying to find a remortagge and becoming more confident, they are likely to spend some of this money, although some will be used as savings.

These comments came in the light of figures released by the Council of Mortgage Lenders, which showed that remortgaging rose to 99,000 in May.

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