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Remortgages continue to fuel banks&#39 lending boom

September&#39s gross mortgage lending totalled £13.1bn, 34 per cent higher than the £9.8bn lent during the same period last year, according to latest figures from the British Bankers&#39 Association.

However last month&#39s lending was 8 per cent down on August, when £14.3bn was lent by banks in the UK.

The BBA says the underlying seasonally adjusted increase of £4.8bn in net lending was the secondhighest monthly rise yet, slightly below the record of £5.2bn in May but up from £3.7bn last September.

During September, £13.8bn in loans were approved, with £6.9bn for house purchase, £5.4bn for remortgaging and £1.4bn accounted for by other sec-ured lending.

This compares with £9.5bn last September when £5.6bn was for house purchases, £3.1bn for remortgaging and £892m for other secured lending.

It is also slightly up on August this year when £13.3bn in loans were approved, with £6.8bn for house purchases, £5.2bn for remortgages and £1.3bn for other secured lending.

Executive director Simon Pitkeathley says: “Only half the amount of loans app-roved in September were for house purchase. This is a continuation of a trend that we have seen for some time now.

“It would seem that inc-reasing numbers of homeowners are seeking out better deals on their existing loans. They may also be choosing to build that extension rather than move to a bigger property. This could be a reflection of the continuing resistance to paying the current going rate for property.”

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