Remortgaging increases by over 30% in August

Remortgaging activity in the UK hiked in August, news that may see builders in Dundee used for home improvement schemes.

According to the Council of Mortgage Lenders (CML), 34,100 loans – worth a total of £4.3 billion – were advanced during the month.

This represents more than a 30 per cent rise in terms of both volume and value on the figures recorded 12 months previously.

Because of the upturn in re-mortgaging, individuals may look to invest more cash in their properties with enhancement projects.

Paul Smee, director-general of the CML, said: “Even though it is impossible to ignore the knocks to confidence emanating from the eurozone, August lending showed welcome signs of life.”

He added the current “low-rate environment” is benefitting people who already have mortgages.

Andrew Leech, director at the National Home Improvement Council, recently encouraged householders to install energy efficient solutions in their properties in order to reduce electric bills.

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