Remortgage Activity not the Only Bright Spot in UK Housing Market
According to the latest data from the UK housing market, remortgaging outpaced all other forms of mortgage lending within the month of August confirming to many that the rise in interest rates is settling in as fact rather than just rumour. It also speaks volumes regarding the benefits of a remortgage for house owners across the UK. July paled in comparison to the number of remortgages which were obtained within the month of August. A 25% increase took place in just those 30 days.
Remortgaging is not the only bright spot which is currently shining within the housing market. First time buyers as well as house owners are quite optimistic at the present time regarding the future of the market. The number of valuations recently supports those feeling positive about moving forward. The number of home movers since last year at this time is up by 30%.
Remortgage activity is expected to continue at a high level as the rise in interest rates draws nearer. House owners are picking up attractive deals before lenders have to do the inevitable – raise their own rates. Those who are on the fence about a possible remortgage have little time left to move before a suitable fixed rate deal is out of touch.
House owners still unaware of the benefits of a remortgage are missing out. Saving money off the current monthly cost of a mortgage and freeing up valuable equity to use for old debt or a home renovation is just the beginning of the positive attributes of a remortgage.