Remortgaging hits eight-year low

The 24,000 loans for remortgage, worth £3bn, were down from 45,000 (£6.2bn) a year ago. House purchase loans fell by 49% in January. The trade body claimed the fall demonstrated the effect of the end of the temporary Stamp Duty holiday on the mortgage market. The 32,000 loans for house purchase, worth £4.7bn, were up from the low of 23,000 (worth £3.1bn) seen in January 2009. First-time buyers recorded the largest drop among house purchasers, with a 54% drop (55% by value) from December to January, reflecting the fact that a high proportion would usually fall into the £125,000-£175...