Remortgaging hits 8 year high
Latest figures from LMS show that the number of people remortgaging their property have reached an eight year high.
The figures show that remortgage levels have been on an upward trend since July 2015 and this is driven by two key factors. Firstly, because people have been looking to remortgage their property before a predicted interest rate rise is introduced. And, secondly, because a glut of fixed term mortgages came to an end, following lots of borrowers fixing their deals while the mortgage rates were low in July 2016*.
What this means for home owners
Adam Nanson, Managing Director of Your Mortgage Expert in Salisbury comments:
“For a while now in the UK, we have had low interest rates which means that mortgage deals have also been low. However, with the Bank of England increasing interest rates earlier this year and rumours of further rate increases, it is no surprise that the number of people looking to remortgage has gone up. With people making the prudent decision to fix their rates before interest rates increase.”
How Your Mortgage Expert can help
Adam Nanson continues:
“If you are thinking about switching your mortgage lender, we would advise you to speak to a mortgage Broker like Your Mortgage Expert. We will take the time to understand your circumstances and find the deal that is most suitable for you.
“We will look at whether you could be paying too much, whether you would save money by switching to an alternative product and whether any fees would be payable should you do so. And, we will do all the hard work to ensure we not only save you money, but also save you time and stress.”
If you are interested in having a no obligation chat about your mortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
YOU MAY NEED TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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