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MIp26-27_0110:MI 12 Jan 15/12/2009 14:18 Page 20
26 | Remortgages
Michael White, chief executive of online mortgage
advisers, www.emailmortgages.com, looks at
what will kick start remortgages
n discussing the remortgage market,
I
Main high street banks’ mortgage approvals*
you might be tempted to say, ‘What
remortgage market?’ The harsh facts
90,000
of the matter are that we’re a long way
80,000
re-mortgaging
from the point when the remortgage
70,000
market alone seemed to be holding up
60,000
the entire mortgage industry. Now it
is purchase activity which is the driving force
50,000
and with Bank Base Rate (BBR) looking likely 40,000
to continue at its historical 0.5 per cent low
equity withdrawal & other
30,000
for the foreseeable future, it would be folly to
predict a strong return for the remortgage
20,000
house purchase
market any time soon.
10,000
We need only look at the statistics of the
Oct 05 Apr 06 Oct 06 Apr 07 Oct 07 Apr 07 Oct 07 Apr 09 Oct 09
market to see the depth of the fall-off in
remortgage activity. In August 2007, as the ill
winds of the credit crisis started to bite and *Source BBA (British Bankers Association)
January 2010  Mortgage Introducer www.mortgageintroducer.com
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