According to the latest figures from trade body UK Finance, there were 16,810 new remortgage deals taken out in March 2019. Enable’s IFAs in Bishop’s Stortford know that just because everyone else is doing doesn’t mean that you should do it but in this day and age there is no need to hold on to a poor mortgage rate at all.
The change in the remortgaging figures were up by 9.1% from the same month a year ago, that makes it a massive annual jump with remortgaging growing year-on-year for the twelfth straight month. The vast majority of the remortgagers, some 15,030 people were pound-for-pound remortgages, meaning there was no additional borrowing.
This annual rise in remortgaging is particularly notable when you compare it to what’s happening elsewhere in the mortgage market. According to those same UK Finance figures, there were just 28,800 new first-time buyer mortgages in the month, down 2.4% on last year. And as for buy-to-let, there were just 5,000 new deals for purchases, down by 9.1% on the same point last year.
Clearly, the ‘B’ word plays its part in the remortgage business whatever your position on Europe there remains huge uncertainty about just what is going on and how the UK economy will react if or when Brexit happens. Would-be buyers seem to be put off purchases until after the process is complete and borrowers are looking to remortgage to a cheaper deal.
Enable’s IFAs can help you look for the right remortgage deal for you and as ever the deal will depend on your circumstances. At times of uncertainty however longer fixed rates are attractive. You may pay a bit of a premium in terms of a slightly higher rate than a short-term fixed-rate, but the certainty of knowing precisely how much your monthly bills will provide a bit of stability in these changing times.
Your property could be at risk if you do not keep up the mortgage payments
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