Data released by the Council of Mortgage Lenders indicate a 12% rise in the number of mortgage sanctions in February, as compared to January. Against the same period last year, the number of mortgage sanctions has increased by 49%.
Remortgage sanction volumes shot up by 2% in February this year, as compared to January, but declined by 35% when weighed against the numbers in February 2009.
The share of fixed-rate mortgages stood at 47% in February this year, the same as January. This number has thus touched the lowest volume in the last five years.
Ray Boulger, senior technical manager at John Charcol, said that the numbers indicate the feasibility of tracker products in the current time and age. Boulger added that tracker products are expected to occupy a larger market share in the future. He voiced his expectation that the figures would continue tracking an upward spiral in the coming months as well.
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