Remortgage Levels Fall By 39%

Approvals for remortgages have fallen according to the Council of Mortgage Lenders who saw remortgage levels fall by 39%.

As many people rely on remortgages to pay for home improvements such as new kitchens, bathroom and extensions, the news could be bleak for DIY stores. Gary Styles from Hometrack believes that remortgages may not start to increase until 2011 despite the fact that mortgage interest levels are so low.