The CML monthly lending figures
Commenting on the CML monthly lending figures December 2016, Andy Knee, chief executive of LMS, said:
“While monthly remortgaging activity fell in December, the broader picture is one of resilience. As forecast by LMS a month ago, remortgaging activity increased in 2016 – with the highest number of loans since 2009. The last twelve months was also a record year for first-time buyers, who were aided by the government schemes, such as help-to-buy.
“Political shocks and subsequent economic uncertainty threatened the remortgage and wider mortgage market in 2016. But it proved largely buoyant. Record low mortgage rates encouraged existing homeowners to remortgage and reduce their monthly repayments – something especially pertinent after the rise in inflation. Families feeling a squeeze on their monthly budget should view remortgaging as a crucial method to unlock extra capital.”