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Remortgages at five-year low

Lenders’ retention schemes have seen the remortgage market hit a five-year low.

The Council of Mortgage Lenders says remortgaging is at its lowest level since August 2001, at 30 per cent of the market by value in September, down from 42 per cent in September 2005.

Figures for the third quarter show remortgaging at 31 per cent of the market compared with 39 per cent last year.

Accord, BM Solutions, First Active, Halifax and Woolwich all run retention schemes.

CML director general Michael Coogan says: “The trends in remortgaging illustrate how lenders are reacting to competitive conditions, and offering attractive retention products and policies to their customers.”

Edeus chief executive Michael Bolton says: “It is a deeply disturbing statistic for the broker market. The jury is still out on where retention is with the regulator.”

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