UK Remortgages Rise in October – Countrywide

According to the latest research from Countrywide - one of the UK leading providers of estate agency, lettings and mortgage services - showed that remortgage activity picked up last month.

As such, it reached its highest level since March 2009 because it constituted 25% of the overall number of mortgage applications filed in October.

In the opinion of experts at Countrywide, it is consumer confidence that improved and made UK borrowers shift from SVR deals to remortgages, which are oftentimes cheaper.

Commenting on the findings, Mr. Turner of Countrywide, said: "to date, UK house transactions are in a similar place to 2009; however the strong recovery of H2 2009 is in stark contrast to the flat levels that we’re seeing currently."

The research also showed that the property rental market remains active. Despite the fact that a large number of buy to let houses was introduced onto the market lately, the demand from tenants remained strong. As such, 16,000 people filed applications for rental accommodation last month.

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