Increase in remortgaging helps drive lending increase
A 5% increase in gross mortgage lending in April was helped by a 10% increase in remortgage activity.
According to new data released by the Council of Mortgage Lenders a total of £3.4 billion was advanced to borrowers remortgaging in April.
First-time buyer activity was marginally down by 1% to £2.5 billion. However, first-time buyers typically borrowed a slightly larger amount in April than in March.
A total of 23,500 loans were advanced to home movers in April, down by 1% from March but up by 4% compared to April last year.
Commenting on the data, CML director general Paul Smee said: "Lending to first-time buyers remains above the levels seen at the same time last year, despite the boost caused by the end of the stamp duty holiday in March last year.
"The Help to Buy scheme announced in this year’s Budget should provide a further boost to the first-time buyer and home mover markets, but we still await further details on how the initiatives will work."