BBA figures reports rise in re-mortgaging

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.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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