The level of remortgaging in the UK has fallen to their lowest figure for five years, according to the Council of Mortgage Lenders (CML).

CMLs figures for September reveal that remortgaging accounted for 30% of the market by value, the lowest figure since August 2001 and down from 42% in September 2005. Figures for the third quarter of 2006 reflect this trend, with remortgaging accounting for just 31% of the market, compared to 39% during the same quarter last year.

Commenting on the data, CML director general Michael Coogan said: "The downward trends in remortgaging illustrate how lenders are reacting to competitive conditions, and offering attractive retention products and policies to their customers."

"These latest figures show that slowly but surely the market is cooling as we approach the end of the year in an environment of higher interest rates."