Remortgage lending at its highest level in five months!

Remortgage lending had its best month in five months in April, helping to boost gross lending by 5%, according to figures released today by the Council of Mortgage Lenders. A total of £3.4bn was advanced to borrowers remortgaging in April, up 9.7% on the £3.1bn advanced in March.

While remortgaging figures where 2.9% down on the £3.5bn advanced in April 2012, it was the highest figure since November last year when £3.4bn was advanced to remortgage borrowers.

The CML reported its total gross lending figures last month, showing April had experienced its strongest month since 2008. The 4.3% increase in gross lending from £11.6bn to £12.1bn in April, was in part due to the strength of remortgage lending, according to the CML.