February lending falls 11% to £2.6bn

Remortgage lending fell 11 per cent in February, down from £2.9bn in January to £2.6bn, according to conveyancing firm LMS.

Figures from the Council of Mortgage Lenders show total gross remortgage lending also fell 8 per cent over the same period, down from £11.4bn to £10.5bn.

LMS estimates that the total number of remortgage loans in February decreased by 12.4 per cent to 17,812, compared with 20,332 in January.

LMS chief executive Andy Knee says: “An extension of the FLS, together with continuing falls in mortgage rates for both new and existing borrowers, suggests that all types of mortgage lending should grow strongly over the coming months.”