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The share of loans made up by remortgaging fell to a five-year low in September,
a sign that the housing market is cooling, the Council of Mortgage Lenders (CML)
has said.
In all, 79,000 borrowers remortgaged their properties in September, down from
91,000 in August and a 27% drop on September 2005.
Remortgaging accounted for 30% of the value of total mortgage advances, the
lowest proportion since August 2001 and down from 42% of the market in September
last year.
Michael Coogan, CML director-general, stated: "lenders are reacting to
competitive conditions by offering attractive retention products".
"Slowly but surely the market is cooling as we approach the end of the year in
an environment of higher interest rates".
Source:
Getting Paid
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