UK Remortgages Rise by 10% in January 2011

According to the latest report published by the Bank of England, the number of remortgages stood at 10% above average in January 2011. The overall number of remortgage totaled to 33,498 or £4.2 billion, which is £0.3 billion more than in the past 6 months.

Commenting on the findings, Mr. Murphy of Mortgage Advice Bureau, said that although a rise was expected after poor lending levels in December, it is definitely a positive trend. As such, he is determined that "the rise in the number of remortgages during January shows that people are getting increasingly wary of rate rises and want repayment security."

The bad news, however, is that many people who want to remortgage are unable to do so. They either have insufficient equity or credit history that is not good enough for a remortgage.

In a separate report, the British Bankers Association reported a rise in remortgage approvals from 24,696 in December 2010 to 26,109 in January 2011.

A good way to find an attractive remortgage deal is browse online comparison sources, which feature most offers by leading UK lenders.

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