Remortgaging loans 'up' in November - 04/01/2008

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The Bank of England reports that loans for remortgaging were up in November compared to the previous month.

According to the institution's latest report on monthly lending to individuals, the number of loans approved for remortgaging stood at 95,000 in the month compared to 88,000 in October.

This figure is contrasted with a drop in the number of loans approved for house purchase, which was down compared to the month before from 89,000 to 83,000.

Meanwhile, the number of loans approved for other purposes also fell between the months from 61,000 to 60,000.

Total net lending to individuals during the month was found to be below the previous six-month average but in line with October's increase at £8.9 billion.

The Bank states: "The 12-month growth rate fell to 9.5 per cent and the three-month annualised growth rate fell by 0.3 percentage points to 8.6 per cent."

Figures released separately by the institution for the fourth quarter of last year revealed a reduction in secured lending to households, although an increase in demand for secured loans for house purchase was also noted.

Lenders "reduced their appetite for risk", according to the institution.

© Adfero

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