Latest figures from the Bank of England have showed that mortgage lending during recent months has remained robust. In fact, during May, mortgage lending was £3.5 billion which is slightly higher than its recent average. The figures show that the number of mortgage approvals for house purchases was pretty much static at 65,502. However, growth has come from the remortgage market with approvals increasing slightly to 42,955*.
What this means for home owners and home movers
Adam Nanson from Your Mortgage Expert comments:
“These figures show that home owners are making the prudent choice by taking action on remortgaging their properties. For some time, there have been rumours that the Bank of England could increase interest rates**, so it often makes financial sense to tie into a fixed rate mortgage that provides security for the next few years.
How Your Mortgage Expert can help
Adam Nanson continues:
“With mortgage rates remaining low in the UK, it really does make financial sense to look at whether you can remortgage and whether by doing so, you could save money.
“We can research the market to find all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals we have access to may only be available through independent advisers like us. And, if it doesn’t make financial sense for you to switch your mortgage deal, we’ll let you know.”
Your Mortgage Expert has produced a handy guide for remortgaging your property. Read their 5 top remortgage tips here.
To speak to Your Mortgage Expert about remortgaging your property, call them now on 01722 322683 or complete a contact us form and let them know when they 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 We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date.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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