14 Aug

Positive outlook for remortgaging market, expert says

Positive outlook for remortgaging market, expert says

The remortgaging market is in a "very positive situation" because recent reports of house price increases are causing confidence among lenders to rise, according to a property expert.

Peter Cowell, a broker at specialist firm Click n go Mortgages, said that the recent statistics published by the building societies Nationwide and Halifax - which show three property price rises in the past three months - have also caused an increase in consumer confidence.

His comments follow the publication of research by Unbiased.co.uk which reveals that searches for remortgages comprised 33 per cent of all home loan enquiries in June, compared to just 28 per cent in May.

"Lenders seem to be increasing their loan-to-value criteria as well, so it is all looking like a very positive situation at the moment," said Mr Cowell.

Meanwhile, the Bank of England reported last month that the number of new mortgage approvals increased for the fifth consecutive month in July.

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