Enquiries into Remortgage Reaches New Level Following Brexit
In the days following the historical Brexit vote to leave the EU, the Mortgage Advice Bureau has recently revealed there were a massive number of house owners seeking information regarding a remortgage. This is despite the fact that many house purchase transactions have been put on hold for now awaiting more certain times within the market. The number of enquiries into a remortgage has been described as a record, according to the MAB.
Remortgages during the first quarter of the year were at strong levels, but during the second quarter up until the referendum they were even higher. After the vote, the number of house owners seeking the benefits of a remortgage is even greater.
Lenders are locked in a battle to obtain more customers and they are not being shy about their process to do it. Many are offering extremely low interest rates on remortgage deals accompanied by low to zero administrative costs to complete the transaction. This has led to many house owners seeking a remortgage.
A remortgage can be a game changer for house owners in more ways than one. It makes it possible to obtain a new deal instead of following the path the current lender has mapped out. Many house owners are unaware of the many benefits which come with a remortgage.
Securing a new, lower interest rate on a mortgage deal with a new length of term combined with gaining access to valuable home equity are two highlights of a remortgage. The process is now streamlined and can be completed entirely online.