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Mortgage activity up in September

The level of mortgage activity significantly increased in September compared to the same time last year, according to figures from the monthly CML/DETR survey of mortgage lenders.

Remortgaging increased by almost 7 per cent from £2.9bn in August to an estimated £3.1bn in September, a level 35 per cent higher than at the same time last year.

Gross mortgage lending fell to £10bn from £11bn in the previous month, £0.7bn down on the level for last September.

Loans for house purchase also fell in the same period, from £7.5bn in August to £6.5bn in September.

Mortgage rates remained steady at 6.10 per cent average variable rate.

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