Remortgaging at lowest level for 10 years

Around 25,000 remortgage loans were advanced by lenders in August - worth an estimated £3bn.The number of loans was down 13% and their value down 14% from July; a drop of 19% compared to the year before. There were 51,600 house purchase loans in August 2010, a fall of 8% compared to July. In contrast against last year, purchase loans saw an increase of 3% in volume and 12% by value from August 2009, showing that lenders are still more active this year than last. CML director general Michael Coogan says: "August is a traditionally slow month for mortgage lending and it was no diffe...