Remortgaging activity in the U.K. plunged 28% in April, while mortgage approval rose 8%, compared with the previous month, according to the Council of Mortgage Lenders. The CML noted that the remortgage percentage was slightly worse than a year earlier, and that approvals were down 2 percentage points, suggesting there may be a slowdown in home purchases over the next several months, especially with an expected rise in interest rates.
Click here to read the release from the Council of Mortgage Lenders.