Remortgage in Full Swing after Months of Housing Market Uncertainty
UK home owners are in full swing in months following the Brexit vote, remortgaging as if it was the summer of 2007. The latest round of data released indicates a massive number of house owners are taking advantage of the last cut to interest rates and are now saving hundreds off the cost of their monthly mortgage. An eye popping 11% of those remortgaging during the month of August earned savings of more than £500 off the monthly cost of their mortgage payment, according to data from LMS.
Saving money off the cost of a monthly mortgage payment can change the financial landscape in quite significant way. It can result in saving more per month, or paying off debt which has been sitting around for years, or even help facilitate a renovation which has always been considered but never been able to afford. Many home owners are now realising the opportunities such as these which come with a remortgage.
Andy Knee, chief executive of LMS, commented on the latest data concerning remortgage, saying: “Evidence points to a strong outlook for remortgaging, which is currently outperforming other areas of the mortgage market due to a climate of low rates and a price war between lenders. The prospect of freeing up more than £500 a month is surely enough to make anyone re-evaluate their current deal: an additional £6,000 a year can go a long way to ensuring the future stability of households across the country by providing extra funds to save, invest or simply get by from month to month.”