Mortgage Lenders at War and Borrowers are Seeing Big Rewards
Lenders are at war and all types of mortgage borrowers are seeing the benefits. UK homeowners and those seeking to move home are able to currently take advantage of a housing market which is quite borrower friendly. Original loans as well as remortgage deals are accompanied by not only low interest rates, but also low administration fees. The war is real and borrowers who are on the fence are being urged by housing experts to look into borrowing before market conditions change.
According to LMS data, borrowers are finding more lenders with high numbers of attractive available deals. This is resulting in an active number of original approved loans as well as a high number of remortgage approvals within the month of June.
Lender wars are not uncommon in times which are out of selling season or times of extremely low interest rates and high inflation. Selling season is just coming to a conclusion and many lenders are seeking a last push towards more clients for the end of the summer.
Those seeking a remortgage have benefitted the most from the lender wars. In addition to extremely low interest rates, lenders are offering deals for those sitting on the fence regarding timing of a possible home move.
Those obtaining a remortgage are finding a high likelihood to decrease the amount of the monthly mortgage payment. In addition, access to home equity through the remortgage process is providing many with cash on hand to take care of old debt and an overall increase in the cost of living.