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The remortgaging market in the UK is holding up despite the various pressures on the housing sector, according to the British Bankers’ Association (BBA).

BBA members reported a poor performance in terms of home loan activity over the course of last month, with remortgaging proving to be the only area of the market offering cause for optimism.

Indeed, while the total number of mortgage deals done in May were 56.8 per cent down on a year ago, remortgaging activity increased by 6.3 per cent on the same comparative basis.

"Only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders," said the BBA’s statistics director David Dooks.

He went on to suggest that tightening lending criteria and the money problems being faced by consumers are principally to blame for the downturn in the property market.

A report from Moneyfacts this week revealed that the typical two-year fixed-rate mortgage deal in the UK now has an interest rate of over seven per cent.

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