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Remortgaging At 4 Year High
There has been growing interest in remortgaging according to the Mortgage Advice Bureau (MAB). The MAB found that consumer appetite for remortgaging is at a 4 year high. They found that their Mortgage Search Tracker showed that 55% of the online mortgage searches were related to remortgages.
First-time Buyer Mortgages Rise By 9%
There was a 9% rise in the number of loans to first-time buyers in May 2014 according to the Council of Mortgage Lenders. This figure is 19% higher than the same period last year. First-time buyers took out loans totaling £3.9 billion in 26,800 loans in May 2014. Borrowing 3.43 times their gross income, which marks only a small overall rise in affordability of mortgages form 3.42 in April.