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Lending Buoys Housing Market

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My apologies if this has already been posted:

http://business.timesonline.co.uk/article/...1788852,00.html

Lending buoys housing market

Mortgage lending increased in August to hit its highest level in a year, figures from the Council of Mortgage Lenders (CML) showed today, as a string of data suggested the housing market is beginning to revive.

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Guest struthitsruth
Remortgaging drove the increase, rising 15 per cent to £11.7 billion in August, from £10.2 billion in July, to reach its highest level since October 2003.

Remortgaging includes people moving their mortgage to another lender or another deal with same lender, like the 'rate tart' syndrome with credit cards. Lots of discount periods came to an end this quarter, and people will have shopped around to move to a better deal rather than revert to the lenders standard SVR or less competitive fixed rate.

Not as much of a filip to the sagging market as it might first appear then . . . .

;)

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Sky News put this into context yesterday - not as rosy as CML say. most was remortgaging to get better rates and the new purchases were still down - I'll find the link and post in a moment.

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Sky News put this into context yesterday - not as rosy as CML say.  most was remortgaging to get better rates and the new purchases were still down - I'll find the link and post in a moment.

.....most were remortgaging to pay down debt I suspect....if you can follow that!

....re-mortgages way up,and credit card debt falling.....hmmmmm

methinks some have robbed peter to pay paul.....don't think it will be too long before the cards get maxed out again!

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Guest struthitsruth

It would seem so if we are following the trend set in the US

    ·  Combined home equity and cashout refi originations are growing.  This cash, often used to pay off card balances, is cutting card interest income.

http://www.smrresearch.com/cc05pro.html

so the credit card companies are going to be losing revenue then . . . .

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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