Homeowners have been keen on escaping the burden of paying more for their mortgage repayments than needed. Remortgage demand has been strong for months. However, many homeowners are stuck in their current deal. That could be changing soon as there is a possibility of relief soon to come with an easing of responsible lending rules set by the Financial Conduct Authority (FCA).
Remortgage for house owners is all about finding a better deal and potentially saving a great deal of money each month by paying less on the mortgage payment. It is all about finding relief financially and feeling weight being pulled from one’s shoulders. Many property owners have found relief by remortgaging and discovered some details about the process as well. Many who have remortgaged find that reading the fine print is just as important as the overall picture.
The housing market has had a magnifying glass on it for nearly a year. As Brexit approached and the calendar flipped month into month, experts predicted the housing market would chill. It had proved to be resilient as hopeful home buyers and home movers showed up to take advantage of low interest rates. However, for the first time since 2012 the average house price in England has declined.
Spring is here and with the change of the season comes a change of focus for homeowners. Many will be busy tending to the needs of gardens as flowers push their way through the dirt to display their splendor. Others will be inspecting their homes for repair after the winter months and planning to complete projects put on hold for the new year.
Although the number of mortgage products available for borrowers has increased in the last several months, recent data indicates the number of approvals during the first quarter of the New Year fell. Data from UK Finance shows bank approvals for original mortgage loans as well as remortgages decreased from January this year through February. Those close to the UK housing market feel many put their plans on hold due to the uncertainty of Brexit combined with overall sentiment about the market.
Those considering a remortgage are now facing a more relaxed process going forward. The Financial Conduct Authority, or FCA, has now changed the rules regarding mortgage lending. A remortgage is now more easily obtainable if it satisfies some new criteria. These new rules will make it possible for those in a seemingly difficult mortgage situation to find a way out through remortgage.