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Remortgage boom bucks trend as loans fallin autumn

Mortgage sales fell by £400m in September from the same month last year.

Figures from the Council of Mortgage Lenders and the Department of Environment, Transport and the Regions reveal gross lending fell to £10bn from 10.4bn last year.

Despite the general fall in lending, remortgages rocketed by £800m to £3.1bn from £2.3bn. House purchase loans fell to £6.5bn from £7.9bn.

The split between fixed and variable-rate loans remained steady although there was a slight increase in the popularity of variable-rate mortgages in comparison with the previous month. Variable-rate loans made up 68 per cent of new lending in September while fixed-rate loans accounted for 32 per cent.

CML chief economist Bob Pannell says: “The housing market in the third quarter showed signs of weakening compared with a year ago. This is consistent with our expectations of a soft landing,” he says.

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