According to a new report by the Council Of Mortgage Lenders (CML), remortgages increased by 16% in the month of March compared to February.

The new statistics are also up 17% on the same time last year year however new mortgages which ware up 24% on the month were down 17% on the previous year.

“We saw a significant increase in both house purchase and remortgage lending in March but, over the first quarter of the year as a whole, the picture was subdued and that is unlikely to change for the foreseeable future,” said CML director general Michael Coogan.