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Purchasing 'dominating the mortgage market'
The majority of mortgages taken out in the UK during June were related to purchases, according to new figures.
Research from John Charcol revealed that six out of ten mortgages were related to purchase activity, while new enquiries also suggest that the trend is continuing over this month.
Drew Wotherspoon, director of marketing at John Charcol, said the figures highlight issues which have been ongoing in the market over the past 12 months.
"The only time when remortgaging has accounted for more business during the last year was in February, but I suspect this had more to do with the poor weather keeping purchasers tucked up indoors than remortgaging proving popular," he explained.
Mr Wotherspoon added that it now appears that those looking to remortgage are waiting for movement in the bank rate.
Recent figures published by the Council of Mortgage Lenders revealed that gross lending in the UK rose by 15 per cent during June.