This Autumn instructions to remortgage rose by 50% 

November 11, 2021

The latest mortgage snapshot (LMS) recently said instructions for remortgages rose by 50% in September. Enables IFAs in Bishops Stortford are always happy to help you look at remortgaging and improving your mortgage deal at any time of the year. It always makes sense to half an eye on possible remortgaging options.

LMS also noted that there were 108% more remortgages completed at the beginning of the autumn than in the month previous, while cancellations increased by 0.43 points to 5%. The LMS data shows that “45% of borrowers increased their loan size in September, with the average loan increase hitting £21,584. Meanwhile, 21% of borrowers reduced their loan size, the average being £12,607.” If you want to increase the size of your loan Enable can help you look at your options.

In addition, the data showed that “A far great share of borrowers reduced their monthly remortgage payments, the data adds – 46% – this meaning the average monthly repayment fell by £234. And 41% of borrowers saw their monthly bill go up, by an average of £254.

And of all fixed terms, the five-year is the most popular, with 50% of borrowers opting for this type of remortgage, with two-year fixes not far behind, at 40%.” There are plenty of remortgaging options to suit all kinds of needs.

“The number of remortgage completions soared to 108%, as September marked one of the highest numbers of early repayment charges expiries of the year.” Said LMS chief executive Nick Chadbourne. Enables IFAs in Bishops Stortford can help you navigate the world of remortgaging to make sure you are not caught in a mismatch of products but can help you either borrow more or reduce your costs of borrowing to bring your finances into line and help you enjoy your home.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.mortgagestrategy.co.uk/news/remortgage-instructions-rise-50-in-september-lms/

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