Remortgaging and house buying down in September

The Council of Mortgage Lenders (CML) have reported that mortgage lending in Northern Ireland and the rest of the UK was down in September.

The number of new mortgages taken out to fund a house purchase or to remortgage an existing home were down by 10% on August, and 15% compared to the same month last year. The new Funding for Lending Scheme is said to have increased the number of mortgages available to potential borrowers, but the dip in lending last month would suggest a reluctance among the public to borrow. Employment uncertainty and caution at falling house prices are thought to be two major factors preventing in significant activity on the property market.

Remortgaging continues to be low as many borrowers are currently benefiting from the low interest rates, and have little incentive to switch to another mortgage product. Declining house prices also mean that there is less equity in property for homeowners to borrow against to raise funds for improvements, holidays or other plans.

If you are planning to remortgage, sell or purchase a property in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.