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Remortgage rates prompt market growth

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The number of UK homeowners trying to find a remortgage has grown according to figures released by the Council of Mortgage Lenders (CML).

Analysts have suggested that the increase is due to a drop in remortgage rates and an increase in peoples awareness of the benefits of remortgaging. This in turn is in part thanks to an increase in online remortgage information.

The latest CML figures show that remortgage borrowing in July rose by �200 million to �10.3 billion. As a result of the increase, remortgaging now accounts for 41 per cent of total mortgage lending, up from 39 per cent in June

Commenting on the remortgage figures, CML director general Michael Coogan said: Today's figures indicate that the housing market has started to stabilise at a new lower level last seen in 2003.

The recent 0.25 per cent cut in interest rates by the Bank of England should help ensure that this stability continues over the coming months by giving a much needed boost to consumer confidence about future interest rates.

Our recently published forecasts predict a steady housing market in the next couple of years, and so we expect to see similar levels of lending in the coming months, he concluded.

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