Remortgages have been helping many homeowners invest in their own properties and in buy to let properties.  Remortgages have helped those that have needed to consolidate debt or do renovations to their own properties.  Some remortgages have helped owners save money by providing a lower interest rate.  Yet many remortgages have been out of reach of homeowners due to a decline of equity as house prices have fallen. 

The decline in house prices has taken away equity and not only have remortgages been out of the question for some the others that could remortgage missed out on the cheapest remortgage rates without good equity levels.  The decline in house prices has left some homeowners’ properties falling below the level of their mortgage leaving them in negative equity.  House prices declining have led to many financial hardships in the UK.

Not all have met problems with house prices and declining equity as there are some areas of the UK that have seen growth.  London and the areas near Olympic venues have seen house prices increase despite the UK average for 2011 showing a decline of 3 per cent.  In fact, there were almost 27,000 homeowners that became millionaire property holders due to rising house prices.  Data from Zoopla.co.uk reported 26,744 more £1 million home owners at the end of 2011 than reported at the same time last year.

Nick Leeming of Zoopla.co.uk said "This data shows clearly how differently the top end of the market is performing from mainstream Britain.

"While most of the market is suffering from the impact of inflation, stagnant wage growth, the inability to secure mortgage finance and nervousness about the future of the economy, at the upper end of the market cash and equity rich buyers are enjoying some of the lowest mortgage rates in recent history."