BBA figures reports rise in re-mortgaging
October 26, 2015
According to the latest BBA figures, mortgage approvals in September rose by 24% compared to last year, with remortgaging up 40% and house purchase up 14%.
First-time buyers continue to find good deals available while existing borrowers are switching to lower fixed rates to control their mortgage costs.
Gross mortgage borrowing in September was £12.1 billion. This was 17% higher than a year ago.
Richard Woolhouse, Chief Economist at the BBA, said: “Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise.
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