Cautious homeowners choose remortgages over buying

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The proportion of mortgage lending used for home purchase has fallen 12% in the last six months, according to Hamptons International Mortgages.

However, the proportion of remortgages has grown significantly over the same period, indicating borrowers may be remortgaging their current properties, rather than moving in a period of house price volatility. Research conducted by Hamptons shows the amount of lending for home purchase fell 12% compared with the six months to March 2007, to 30.29%, and fell 5% between August and September. Remortgages have risen by 9% since March to 28% and increased by almost 10% between August and September. Jonathan Cornell, managing director of Hamptons Mortgages, comments: “The clear disparity in t...

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