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Is it time You RE-Mortgaged?
For the first time in 11 months the remortgage market has shown promising signs of staying on the up.
The Council of Mortgage Lenders stated that there were 26,600 loans to remortgage borrowers in March which is an increase of 6% on March 2014’s 25,200. The number of remortgage loans had been up annually for the first time since April 2014.
By value, remortgage loans were up 14% on the £3.7bn of remortgage lending a year earlier totalling to £4.2bn in March.
However, quarterly figures show the restoration of the remortgage market is far from settled.
While re-mortgage lending was increasing year-on-year in March, house purchase lending was down. How the housing market reacts to the general election result and the decrease in risk of a prolonged period of market uncertainty could well have been damaging to businesses and the housing market.
However, more people are likely to reassess their existing loans as more people are staying put for longer and mortgage pricing is at record low. This should help increase the remortgage market.
If you would like to discuss re-mortgaging please contact us at Hoskin Mortgages.