Remortgaging in UK rises up with 8% month on month

imagegenRemortgaging in UK has gone to a new level as, home owners are remortgaging more frequently year on year, being the highest remortgage transactions in August since July 2009. According to the property services firm LMS’ data, rising house prices and record low interest rates helped the number of remortgage loans to reach over 36,150, which are up by 8% month on month and 45% year on year.

Andy Knee, chief executive of LMS, says: “The Bank of England’s decision on base rate cut continues to have a positive impact on the remortgage market. Mortgage interest rates had already fallen to record lows, which along with rising house prices has encouraged a greater number of home owners to remortgage their homes. Indeed, last month saw the highest number of remortgages for seven years, however, in spite of this rise, home owners appear to be more cautious than last month.”

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