The UK mortgage market has seen a significant increase in remortgage loan amounts in May. According to the latest figures from the Council of Mortgage Lenders (CML), remortgage loan amounts rose by more than £317 million compared to April. This is the highest level of remortgage loan amounts since October 2008.
The increase in remortgage loan amounts is a sign that more homeowners are taking advantage of the current low interest rates. The Bank of England base rate has been at an all-time low since March 2009, and this has made it more attractive for homeowners to remortgage their current mortgages. With the current low interest rates, homeowners can save money on their monthly payments and reduce their overall debt.
The increase in remortgage loan amounts is also a sign that the UK housing market is beginning to recover from the recession. The CML figures show that the number of new mortgages approved in May was up by 8% compared to April. This indicates that more people are looking to buy homes, which is a positive sign for the UK economy.
The rise in remortgage loan amounts is also a sign that lenders are becoming more willing to lend money to borrowers. The CML figures show that the amount of money lent out by lenders in May was up by 8% compared to April. This indicates that lenders are becoming more confident in lending money to borrowers, which is a positive sign for the UK economy.
Overall, the rise in remortgage loan amounts is a positive sign for the UK economy. It indicates that homeowners are taking advantage of the current low interest rates, and that lenders are becoming more willing to lend money to borrowers. This is a positive sign for the UK housing market and the overall economy.