Tuesday, Nov 14, 2006

Has remortgaging reached azenith?

Firstrung: Remortgaging hits lowest level for five years,- CML

New data published today by the Council of Mortgage Lenders shows that levels of remortgaging have reached their lowest figure for five years. Figures for September show that remortgaging accounted for 30% of the market by value - the lowest figure since August 2001 and down from 42% in September last year. Figures for the third quarter of this year reflect this trend, with remortgaging accounting for just 31% of the market, compared to 39% in the third quarter of last year. The sharp drop in the popularity of remortgaging over recent months probably reflects the fact that lenders are managing to retain more customers for longer by reducing the incentive to remortgage to other lenders.

Posted by converted lurker @ 01:21 PM (418 views)
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1. nearly30 said...

Looks like people have maxed out their credit cards, won't get a decent wage increase and now can't rely on their homes as a 'cash machine' - oh dear - where next?

Didn't see that happening!!

Tuesday, November 14, 2006 07:57PM Report Comment

2. Houses_for_nesting_not _investing said...

Those of us sensible enough to have not bought into the bubble swoop when the crash happens and get a really good deal for ourselves.

It happened before in 1992 the house next door to me [a 3 bed semi in the south east of england] was on the market for 100k, when it was eventually sold in 1994 the owner had to accept 62k. almost 40% drops in the housing market have happened before and there is nothing stopping them happening again.

All the arguements that say house prices can never fall are seriously flawed and peddled by those who stand to loose a hell of alot of money from investing into what is esentially now becoming a Piramid scheme.....

Wednesday, November 15, 2006 10:30AM Report Comment

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