mortgage refinancing

CML expects that Mortgage lending would leap higher and regain its position from the slow pace in the year 2010. January 2010 proved to be a very slow month, and the rise that was observed in December 2009 fell in January 2010. But it is expected that soon December’s boost will be acquired completely in the next months of 2010, and it is due to the closing of the stamp duty concession that was incorporated on 1^st January, 2010.

A rise is expected in later months of 2010, the current down situation is due to the purchasing of property before 1^st January by the purchasers, according to CML.

CML representative Bernard Clarke stated:

“We are still in a market in which it is not as competitive as it was and those circumstances will only improve very slowly.”

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