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Remortgage levels increased in July, data shows

Wed, 10 Sep 2008

Remortgage lending levels rose in July when compared to the previous month, new figures show.

The data, released by the Council of Mortgage Lenders (CML), also shows that lending for house purchases remained steady, although the number of first time buyers fell.

Michael Coogan, director general of the CML, said: "Tighter lending criteria have clearly made it more difficult for first time buyers to enter the market."

The recent measures announced by the government should help some first time buyers obtain a mortgage, he added.

Remortgage lending was valued at £11.9 billion, an increase of 16 per cent from June, the survey found.

Yesterday, research by Fool.co.uk revealed people who take out a mortgage of 60 per cent of the value of their property will have access to the widest range of deal - a total of 4,588 products.

In comparison, people who can only put down a five per cent deposit will only be able to choose from 74 mortgage deals .
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