Remortgaging highest in a decade

Recent reports show remortgaging is currently at a 10 year high. This may be due to the increased competition with lenders or the large volumes of fixed rate coming to their end, whatever the reason now is the perfect time to take advantage of the offers currently available.

Within the report, UK Finance has shared 50,500 new home owners remortgages were completed in October 2018, a rise of 23.2% year on year. With £9.2bn of remortgaging in the month increasing by 22.7%. Interesting, it has been noted that the buy-to-let lending has decreased by 9% in purchases.

Jonathan Harris, director of mortgage broker Anderson Harris, says: "Remortgaging is at a decade-high as borrowers, fuelled by continuing uncertainty around Brexit and the economy, take advantage of cheap rates. Lenders are focusing on where the business is and offering competitive deals to those coming off fixed-rate mortgages. This trend is set to continue into 2019.

In particular, first-time buyers are taking advantages of the reduced competitions from buy-to-let investors avoiding the smaller properties such as one bedrooms flats due to the recent landlords tax and regulations changes.

Caroline Pearce, our Mortgage & Equity Release Specialist, says: “We are experiencing this rise locally, helping clients every week to secure great low or fixed rate deals on their mortgages. Some clients are choosing to lower their monthly payments and others happy to pay a similar payment and reduce their overall mortgage term, one client recently reduce his term by 10 years. It is also a great time to review your insurances as circumstances change and you could well make some savings.”

Choosing the right mortgage can be a tricky proposition. We negotiate mortgages every day for every type of buyer. So, whether you’re a first-time buyer or a long-time homeowner, we can guide you through the process.

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