Remortgage loans in decline, says CML

The number of remortgage loans advanced in Scotland in the last quarter fell by five per cent compared to the first three months of the year, figures have shown.

And statistics from the Council of Mortgage Lenders (CML) Scotland revealed that although the number of mortgages approved for new purchases has dropped 34 per cent in the last year, this is significantly lower than the decline of 46 per cent in the rest of the UK.

A total of 19,000 remortgages were granted, worth a combined £1.9 billion and representing six per cent of the overall UK value.

CML Scotland chairman Crawford McCaughie stated: "The mortgage market is clearly in a period of decline across the UK as a result of the shortage of mortgage funding and softening borrower demand. But the slowdown is less pronounced in Scotland."

Fairinvestment.co.uk recently praised lenders for lowering rates and making it easier to consumers to remortgage their homes.

How to remortgage your home