Is the UK seeing a boost in remortgage lending?
2 minute read
Recent statistics have revealed that the UK mortgage market is enjoying a boost in remortgaging activity. The boost appears to relate to the extremely competitive rates available to homeowners who may be looking to cut down the cost of their monthly payments. Figures have suggested that the number of remortgage loans rose in September from August by approximately 12% (28,686 from 25,600), on an annual level the increase is also fairly substantial at 4% (rising from 27,700 in September of last year. In general, mortgage activity and approvals are on the rise, with all sectors of the market seeing some healthy growth. Remortgaging itself saw a particular boost however, with approvals up by an impressive 40% compared with September 2014. The activity seems to suggest that a number of homeowners are protecting themselves and preparing for future rate rises, and with the base rate unlikely to change until mid next year, now is perhaps the time to capitalize on this competitive market.
The Expert’s View
Lenders continue to have the appetite to lend and are offering historically low interest rates to attract the business. Although tougher underwriting and affordability rulings are restricting some potential mortgage customer’s choice, the wide availability of very good offers is still enabling a vast majority of borrowers to obtain savings over remaining on their lenders standard variable rates. If you would like to discuss your remortgaging options with the Just Mortgage Brokers team, get in touch today.