Re-mortgaging falls to record low - MAB

Re-mortgages made up only 28.9% of mortgage applications in September - down from 59.3% in the same month last year - as lenders continue to remain reluctant to relax their criteria. MAB figures show September was the ninth consecutive month in which re-mortgage applications have fallen. Head of lending Brian Murphy says: "Many would-be re-mortgage borrowers are unable to switch due to little or no equity in their properties." The research also shows purchases were up by 15.3%, with first time buyer applications increasing by 6.4% over the same period. But Murphy says the purc...