Data Reveals Strongest Period of Remortgage Activity in Seven Years
A recent study of the remortgage sector within the UK housing market has uncovered some refreshing data for all who are considering such a move. Quarter 3 of last year proved to be not just a stellar quarter, but also one which was quite surprising by all accounts, according to those close to the market. Following close behind the Brexit vote which took place in June and a new tax surcharge of second and third properties, the remortgage sector should not have been on fire, but it was according to data from the Intermediary Mortgage Lending Association.
Quarter 4 then was primed to be not only stellar, but surpass all expectations. It did that and more. October started the quarter strong with figures which were higher month on month and year on year, not only in volume but value as well.
November continued the trend although value slightly dipped. Overall, however, it posted a figure which was up more than 12% year on year.
For the year, 2016 will forever go down in the record books as the strongest ever since the year 2009. This was a bit of a surprise, according to estimates circulating early in the year.
The year 2017 is now shaping up to be a strong one as well within the sector. Experts however are concerned about the possibility of a rise in interest rates, which will change everything. UK home owners are currently being urged to act now and not risk the opportunity to save hundreds and possibly thousands off the cost of their monthly mortgage cost.