Remortgaging soars amid rate rise speculation
The number of homeowners remortgaging their homes has soared over the last month as borrowers seek to take advantage of low interest rates.
This is according to the latest estimates from LMS*, the property services group. They claim that the number of remortgage loans reached 46,423 last month, which is an 89% increase on this time last year. The total amount withdrawn from remortgaging in July was £1.27bn.
What this means for home owners
Adam Nanson, Managing Director of Your Mortgage Expert comments: “There is a great deal of speculation about when the base rate may rise. Latest predictions** are that it will probably be April 2016. As a result, homeowners are rushing to fix their mortgage deals before they have to pay more.
“So far, lenders haven’t increased interest rates, but this situation won’t last forever. It would therefore be prudent for homeowners an buy to let investors to fix their mortgages to avoid missing out on the great mortgage deals that are currently on the market.”
How Your Mortgage Expert can help
Your Mortgage Expert is across the market and independent which means we know all the current deals on the market and can make the most appropriate recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers. So whether you’re looking for a fixed rate, variable rate or you’re a First Time Buyer, Your Mortgage Expert can review your circumstances and give you the best 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 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cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.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.
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
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.
*Source: This is Money, 26th August 2015
*Source: The Telegraph, 26th August 2015