“Remortgage levels at 8 year high”
11th April 2017
The property market frequently populates the news and this was something that caught our eye here at The Mortgage Exchange.
Remortgages in February were at an 8 year high – the highest since January 2009. The actual number of remortgages done in February this year reached almost 44,000. The last time they exceeded this number was January 2009 and this figure is up 35% on the same time last year.
This is something which we have seen over the last few months here too, with more people coming to us looking to remortgage than we have seen since around the 2008/2009 mark.
So what is a remortgage?
A remortgage is switching your mortgage from your current lender while still living in the SAME home. There are three main reasons why people choose to do this:
- To reduce their monthly payments
- To make home improvements
- For debt consolidation
We will be discussing these over the coming month so if you think any of them might apply to you then be on the lookout for our tri weekly blog updates!
Why did so many people remortgage?
One of the main reasons cited for this increase is that people expect interest rates to rise in the next year so wanted to get their remortgage done before this happens and take advantage of lower interest rates.
What should I do?
Don’t panic about uncertainty around interest rates.
If you think you could benefit from re-mortgaging or just aren’t sure give us a call or drop us an email and we will be able to advise you from there.
In addition, hopefully our blogs over the coming month will give you some food for thought on remortgaging too.