You are here: Home - News -

Bank of England figures suggest rocky time for remortgages

  • 29/03/2017
  • 0
Bank of England figures suggest rocky time for remortgages
New figures from the Bank of England have revealed that remortgaging activity dropped sharply in February.

The latest Money and Credit report from the Bank of England found that a total of £7.7bn was lent in remortgages in February, across 43,882 loans. That was a significant drop from the £8bn lent in January across 45,859 loans, which in itself was down on the figures for December.

According to the Bank, approvals across all lendings secured on dwellings fell in February for the first time since August.

In total 125,622 loans were approved. The Bank’s figures revealed that £12.4bn was lent for house purchases, across 68,315 loans. Roughly the same amount was lent in January, albeit across an additional 1,000 loans.

Earlier this week the British Bankers Association claimed that remortgage approvals by banks dropped by 10% in January.

Eric Leenders, BBA managing director for retail banking, said: “Elevated approval volumes for house purchases and remortgaging experienced during the winter months fell back in February, to average levels seen throughout most of last year.”

This follows a very positive start to the year for the remortgage market, with the Council of Mortgage Lenders claiming that remortgage activity actually overtook purchases in January, with activity rocketing 54% month-on-month.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Help to Buy equity loans to be restricted

Communities secretary Sajid Javid has said he will restrict the use of Help to buy Equity Loans to only new-build...