Significant low rates promotes UK home owners to remortgage

img2 The low rates encourage UK home owners to remortgages, two thirds of remortgages in the UK plan to remortgage again in the next four years. As per the research of conveyancing panel management specialists LMS, the choice of lender is driven by rates available with 11 out of 20 picking a lender for this reason and only one in 20 doing so due to customer service. Home owners can reap the rewards of rising house prices and competitive rates by remortgaging.

Andy Knee, chief executive of LMS says: “Low mortgage rates after the cut to the base interest rate make this a great time to remortgage. Mortgage interest rates were already falling but this cut may have been the catalyst to encourage more people to remortgage and August had the highest number of remortgages for seven years, after the base rate was cut. while two year fixed products remain the most attractive to remortgagors, the growth in popularity of five year term fixed mortgages is interesting and suggests that home owners are either keen to take advantage of competitive rates and lower costs with short term fixes or are more cautious, prioritizing greater stability in a period of uncertainty by fixing for longer.”

Leave a reply

Your email address will not be published.

Back to home page