Strong Remortgage Activity Expected to Continue
The number of remortgage approvals during the first half of the year has been strong and housing experts expect the same type of activity to continue as the year progresses. Starting in January, the year got off to an excellent start as almost 50,000 remortgages were obtained. This was not just encouraging for the remainder of the year, but set a high bar for the market in general. January level of remortgage has not been seen in more than eight years. Low interest rates and lender competition are two areas which are being noted as reasons for the strong interest in remortgage.
The remainder of the year is expected to bring just as much interest in remortgage as the beginning. This has been a repeating message from many housing specialists thus far. With the possibility for lower monthly mortgage payments, saving money, and gaining access to valuable cash, the remortgage market appears prime to continue its strong run.
House owners are now finding an average savings per month to total more than £50 off the cost of the monthly mortgage payment. This is a yearly savings of more than £600. In addition to saving money, remortgage is able to give a home owner access to cash which can be used for a variety of things.
Many home owners are using the cash to start a home renovation, pay off old debt, and even take an extended holiday. Access to cash through remortgage is a benefit many house owners are not aware of but find quite valuable at the end of the process.