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Remortgage market 'begins revival'
The UK's remortgaging market is experiencing a revival at present, according to an expert.
Ray Boulger of mortgage advice firm John Charcol revealed that while purchase and remortgage activity has increased since the start of this year, the latter has enjoyed the most growth.
He stated that the increase in remortgaging has been inspired by a sharp rise in buy-to-let mortgages in the past two months, but warned that the recovery may not be ongoing.
However, Mr Boulger suggested that factors included rising competition among lenders and building societies increasing their standard variable rates could be reasons why the remortgage market has bottomed out.
"Most, and maybe all, of these factors are likely to continue to influence the market in 2010," he added.
Ray Boulger of mortgage adviser John Charcol recently suggested that many borrowers would experience major benefits by taking up a tracker deal at present, as low rates may remain in place for a while.