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Banks 'shifting focus away from remortgaging'
Recent falls in remortgaging activity have been driven by financial services firms, which have shifted their focus away from the area, an expert has claimed.
Gary Styles, strategy, risk and economics director at intelligence body Hometrack, said lenders have focused more on house purchase lending in recent times, due to targets set for them by the government.
In comments which may interest those seeking homeowner loans, he added that this in turn has led consumers to stop thinking about potentially remortgaging.
"They've been far more interested in just managing the existing interest rate that their existing customers are on, rather than looking to recruit other customers," he explained.
"That will change, and probably the thing that will change that – and possibly not this year - will be when interest rates start to rise."
Recent figures from the Council of Mortgage Lenders revealed that lending volumes experienced a seasonal dip during November last year.