Remortgage Remains Strong Point within an Uncertain Market
As more talk about the UK housing market losing steam reaches headline level, many are still taking advantage of what remortgage has to offer. House owners are seeing opportunities flow after taking the steps to apply for a remortgage and the dividends are massive. Not only is it possible to obtain a lower interest rate resulting in a lower monthly mortgage payment, but it is also possible to gain access to valuable cash whilst doing it. Some believe the market is weak with house prices falling, but home owners have a different view of it.
Remortgage approvals reached almost 50,000 during the month of January this year which was an eight year high. This number fell off slightly in the next month, but remained strong at 35,000. Demand for remortgage is expected to continue at an elevated level for much of this year according to housing experts.
Factors contributing to increased demand include extremely low interest rates, struggling wage growth, and a market with increasingly low house price growth.
Home owners are facing a unique time in history according to many close to the housing market. They are in the eye of a period of low interest rates and lenders are in a period of hyper-competitive fever. This leads to a market full of opportunity for every home owner who has chosen to wait and see what will potentially pan out in a market which is anything but certain.
Remortgage is continuing its strong run of high demand months and benefitting numerous home owners in the process.