Mortgage Strategy reports that the recovery in the remortgage market has continued in September with the major high street banks reporting a 40 per cent year-on-year increase in approvals.

Banks approved 24,859 remortgage loans in September, a significant increase on the 17,705 loans approved 12 months earlier.  This marks the sixth consecutive year-on-year increase among the major banking groups.

House purchase approvals increased 14 per cent year-on-year, from 39,048 to 44,489, while the number of approvals for other secured lending increased 40 per cent, from 5,721 to 8,025 over the same period.