THE NUMBER of people remortgaging
their homes with additional borrowing spiked in March, according to data released yesterday, as owners took advantage of favourable interest rates.
UK Finance said: "While buy-to-let house purchase activity continues to contract due to tax and regulatory changes, buy-to-let remortgaging
has increased year-on year for the second month in a row."
The main reason for remortgaging
is to reduce your monthly repayments.
This feature can be used by home movers and those remortgaging
, not just first-time buyers.
REMORTGAGE NUMBERS HIT A HIGH THE number of homeowners remortgaging
in October hit the highest number since the credit crisis at 51,593 transactions.
There were 36,800 people remortgaging
, up 7% on June and 10% higher than a year ago, according to UK Finance, which represents banks, building societies and other bodies.
activity has picked up in the last year, this is only in line with new loans.
Group managing director - Mortgages at Aldermore, Charles Haresnape said "With the current range of competitive mortgage products available, it is no surprise that we are seeing higher remortgaging
levels, with the number of remortgage loans advanced in September growing by 12% from August, a year-on-year rise of 4%.
Summary: Mortgage lending soared by 21 per cent during March as both buyers and people remortgaging
returned to the market.
MORTGAGE lending soared by 21% during March as both buyers and people remortgaging
returned to the housing market.
All questions you may be asking yourself if you are thinking about remortgaging