Buying Homes More Popular with Brits than Remortgaging
According to the latest figures by a UK lender, six out of ten mortgages were for home purchases in June 2010.
This fact was supported by a higher number of new inquiries for purchases in June compared with inquiries for remortgages. The historically low interest rates are surely still affecting the market and giving those who thought they could never afford a home, the outside hope that it is now possible. Another UK lender mentioned, "For those borrowers who are in a position to remortgage it would seem that they are waiting for some moment in bank rate, or at least some more movement in bank rate, or at least some more definitive information as to when it will move. Whilst this strategy is understandable increasing numbers of borrowers, could be considerably better off if they moved their home loan now." With the looming possibility of inflation, causing a hike in interest rates, and continued volatility in the housing market, decisions of whether to remortgage or sell up will be discussed at great length by homeowners.