Gross mortgage lending hit a new record level in June, reaching £32.2bn, according to data from the Council of Mortgage Lenders (CML). This is higher than the May 2006 record of £29.1bn.



Remortgaging in May grew by 17% compared with the same month last year, according to data from the CML's regulated mortgage survey (RMS). Month on month, remortgaging increased by 25% in May to 99,000 loans from 80,000 in April. Remortgaging accounted for 38% of all loans - up by 2% on the previous month. The CML says that the leap in remortgaging reflects the re-financing of a high number of fixed-rate deals which have now come to an end.



Lending for house purchase was also robust in May, increasing by 13% on last year. The survey found that within lending for house purchase, the number of loans to first-time buyers increased by 7% to 33,700 from 31,400 in May 2005. But lending to home-movers in May far outstripped this figure, growing by 16% to 59,000 loans, from 50,800 in the same month last year.



Michael Coogan of the CML said: "The risk of an interest rate rise is more real than earlier in 2006, which may moderate demand towards the end of the year."



Source:

http://findarticles.com

Are you trapped with awful credit and face difficulty in receiving a remortgage loan? Well, help is easily available to you and is recognized as problem remortgage. This type of remortgage is particularly tailored to meet the requirements of bad credit holder, who are in search of an adequate resource of financial help.



All kind of bad credit holders can go for problem remortgage. Thus CCJ holders, defaulters, IVAs etc can go for this with no trouble. Before understanding difficulty remortgage, let us examine the term remortgage itself.



Actually remortgage loan is selected by an individual when he is displeased with his existing lender and with the tender of loan given by his lender. By obtaining remortgage loan, a loan taker enjoys the ability of lower rate of interest, nice amount of cash, adjustable refund period to name a few.



While we are dealing with remortgage, your new lender will have to pay your older mortgage and for that you need to put any security of your own.




Problem remortgage can be selected to get low rate of interest, , renovation of your residence, debt consolidation, buying your car and other lots of purposes etc. Now, how will you access problem remortgage? You can access it from your banks next door, any organization that lends loans and financial institutions etc.



At the same time, you can obtain these loans from Internet, which is infact the best of all current resources. Here, you can find out several lenders and their loan quotes which are obtainable free of cost.



Source:

www.ezinearticles.com

When you remortgage your home you still have a mortgage on the property. This means that you have a secured loan. There are a few reasons why remortgaging may work well for you, but first let's look at what a remortgage really is.



A remortgage is another secured loan that you use to pay off the existing loan that you have. If you have a mortgage with a balance of 100,000 pounds when you remortgage you are paying off the old mortgage. So if that 100,000 pound mortgage has an interest rate of 7.9 percent and your monthly payments are 1500 pounds, as well as having an adjustable rate loan term you may want to remortgage for a lower interest rate, lower repayment, and longer term. A longer term such as the fixed rate mortgage can give you what you need.



Some individuals find they have a great deal of debt that is difficult to payoff especially when their loan repayments and interest rates changed due to the terms of the mortgage. In this case they elect to remortgage for better terms as in our example. Remortgaging doesn't have to be about obtaining a better monthly payment. It could be used for consolidation, repairs to your home, or something frivolous. It is up to you how to use a remortgage, but understanding the option you have available to you is very important. Life does change and a loan that worked previously may be causing stress and strain. It could be best to remortgage.



Source:

www.ideamarketers.com