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Remortgaging recovers after hitting 12-year low in August
REMORTGAGE lending bounced back in September, according to data released by LMS today, but not enough to erase the declines over the past year.
Remortgage lending climbed 9.5 per cent last month, the data showed, hitting £3.2bn after August’s 12-year low of £2.9bn – but lending was still 27.8 per cent below where it was in September 2011.
“In our last remortgage report, we accredited the low remortgage lending figures to borrowers holding back, waiting to take advantage of the current very attractive three per cent mortgage deals,” said LMS boss Andy Knee.