According to LMS, many homeowners who remortgaged during July saved money on their monthly bills thanks to lower mortgage rates. The report also found that 35% of homeowners who remortgaged in July did so in order to reduce their payments and reported a monthly saving of £200 or more.
The report also found that the value of remortgaging hit £7.1bn. This was up by more than a quarter from the month before and the highest amount for almost eight years.
This was reported on the Mortgage Introducer website on 31st August 2016*.
What this means for home owners
Adam Nanson, Independent Mortgage Adviser at Your Mortgage Expert comments:
“These figures don’t surprise me and our experience echoes what LMS are saying. We’ve found that most of our clients looking to remortgage have saved money on their monthly bills thanks to the current lower mortgage rates. And, that many home buyers are spending less on repayments than they thought so it’s great that the current low mortgage rates are predicted to continue.
“And, with the Bank of England’s decision to reduce the base rate to 0.25%, it could give an added incentive to people who have been procrastinating about remortgaging. Although, it must be remembered that none of us have a crystal ball and rates could rise again in the future.”
How Your Mortgage Expert can help
“Lots of lenders are currently cutting rates and launching new deals in order to attract customers. Although homeowners could do the research themselves, by using a mortgage broker like Your Mortgage Expert, you could save time, money and stress.
“We keep constantly abreast of the developments in the mortgage market, including all the current deals. Added to this, some of the deals we have access to may only be available through independent advisers like us. We can research the market for you to find all the latest deals and can make the most appropriate recommendation for you based on your circumstances.
“So whether you’re looking for to fix your rate for two years, five years or something more flexible, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.”
To speak to Adam Nanson about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. SECURING SHORT TERM DEBTS AGAINST YOUR HOME COULD INCREASE THE TERM OVER WHICH THEY ARE PAID AND THEREFORE INCREASE THE OVERALL AMOUNT PAYABLE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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