Mortgage calculator in action as homeowners reassess payments

More people were using a mortgage calculator to reassess the payments on their property than purchasing a new home at the start of this year, according to new figures.

The Council of Mortgage Lenders revealed that remortgaging accounted for 37 per cent of all lending during the first three months of 2011, up from 30 per cent at the end of last year.

According to the organisation, the number of loans advanced for house purchase in March went up by 24 per cent to 37,800 from the previous month, with the value increasing by just over a quarter to £5.4 billion.

Michael Coogan, director general of the council, said: "We saw a significant increase in both house purchase and remortgage lending in March but, over the first quarter of the year as a whole, the picture was subdued and that is unlikely to change for the foreseeable future."

Recently, E.surv said that the number of first-time buyers is rising, with lenders offering higher loan-to-value deals.

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2011-05-13 10:41:07 © Moneyextra.com