Remortgaging record set in January, says BBA

January saw remortgaging activity in the UK reach a record high, with 49 per cent of all approvals related to remortgages.

This is according to the latest statistics from the British Bankers' Association (BBA), which found a slight strengthening in overall mortgage lending.

David Dooks, BBA statistics director, said this rise was the result of "very strong" remortgaging.

"Although house prices and new loans for house purchase appear to be subdued as the housing market slows, the strength of remortgaging would suggest competition for mortgage business and switching remains high," he commented.

Last week the National Association of Estate Agents (NAEA) noted increased home buying activity in the UK.

The organisation said estate agents have seen the number of home buyers on their books rise from 248 in December 2007 to 276.

According to the NAEA, lower interest rates and better market stability have played a partial role in this increase.

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