Rise in remortgage applications

Remortgage applications are on the increase that is according to the most recent figures from the Mortgage Advice Bureau (MAB), many homeowners who bought properties more than five years ago are now taking advantage of the increase in the value of their home by releasing cash by way of remortgaging, in many cases to bridge the gap between income and living expenses.

The Bank of England base rate has been at a record low of 0.5% for six years now, however recent comments by the  governor of the BOE Mark Carney that interest rates may rise  from the beggining of next year  has spurred  mortgage holders to look for new deals to offset any increases.

According to reports data from more than 700 brokers and 900 estate agents shows the number of remortgage applications in July was up 35 per cent year on year, those remortgaging have increasingly opted for fixed-rate deals to protect themselves against rate rises.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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