CML: Remortgages soar 33% year-on-year

Its latest figures revealed that the number of remortgages in August rose 33% on the same month of 2010 to 34,100, up 31% in value to £4.2bn. This was also up 9% in number and 5% in value on July. While house purchase mortgages increased at a more modest rate, lending to first-time buyers and home movers was at its highest for more than a year, the CML said. The number of house purchase loans increased 2% year-on-year and 7% on July to 52,000, while the value of house purchase deals grew to £7.9bn - up 10% on July and 3% on August 2010. Lending to first-time buyers grew 5% to 19...