Remortgages increased home lending market in UK

Modern Homes in England.Remortgaging is propping up slowing mortgage market in the UK. According to the conveyance service provider LMS, The number of remortgage transactions made in April rose by 8%, a 3,000 additional deals compared to March. It also found that remortgagors felt a squeeze on family finances, with 15% remortgaging to unlock equity to pay off debts, up from 11% in March while home owners were moving onto longer term deals as 34% remortgaging onto five year deals, in comparison to 8% who previously had this product type.

Andy Knee, chief executive of LMS: ” The remortgage market had a good month in testing conditions. In the next few months the general election and Brexit negotiations will cast a shadow of doubt over the future of the purchase market. Home owners should seriously consider remortgaging now while rates remain low and in case market conditions worsen significantly, The fall in real wages in the first three months of the year has placed a real strain on family finances. Despite this, it is encouraging to see increased numbers of homeowners planning their finances in advance by remortgaging in order to pay off debts, and consulting with brokers in the process, to ensure they get the best possible deal.”

 

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