News Archive:

13/06/2017 - Live by the beach... in London! 13 Jun 2017
08/06/2017 - Election causing buyers and sellers to "wait and see" 08 Jun 2017
06/06/2017 - More lenders target small-deposit buyers, just as house prices slide 06 Jun 2017
02/06/2017 - House prices show longest sustained fall since 2009 crash 02 Jun 2017
01/06/2017 - Apps for surveyors: 2017 edition 01 Jun 2017
22/05/2017 - Conservatives plan to bring back Home Information Packs 22 May 2017
15/05/2017 - Revealed, the least affordable places in Britain to buy a property: 15 May 2017
08/05/2017 - House price growth stagnates in the UK, latest index shows 08 May 2017
06/04/2017 - Dramatic scene after house collapses in affluent street in Kingston 05 Apr 2017
28/03/2017 - Borrowers urged to fix their mortgage fast as rising inflation could soon spell the end of super low interest rates 28 Mar 2017
22/03/2017 - House prices see 1.3% monthly surge 22 Mar 2017
09/03/2017 - UK property market growth continues to rise modestly apart from in London 09 Mar 2017
24/02/2017 - House prices go potty! 24 Feb 2017
09/02/2017 - How the Government's Housing White Paper plans will affect you 09 Feb 2017
08/02/2017 - How to flood proof your home: We visit 'Resilient House' with latest defences to help protect against expensive water damage 08 Feb 2017
30/01/2017 - Homeowners taking advantage of cheap remortgage deals 30 Jan 2017
25/01/2017 - Analysis: Stamp duty is killing the housing market and harming the economy 25 Jan 2017
11/01/2017 - Mapped: Which London neighbourhoods have seen the biggest house prices rise since the crash? 11 Jan 2017
09/01/2017 - January sees largest fall in BTL products since 2009 09 Jan 2017
04/01/2017 - 'Thousands' of Starter Homes to be built in 2017 04 Jan 2017


30/01/2017 - Homeowners taking advantage of cheap remortgage deals
Homeowners taking advantage of cheap remortgage deals

New research from My Home Move has found that average homeowners across England and Wales remortgaged for around £15,000 more in 2016, than they did two years ago – with 57% capital raising.

Having analysed over 10,000 remortgage records between 2014 and 2016, My Home Move discovered that those in the East Midlands borrowed almost double the amount in 2016; while those in the East of England, Home Counties, North West, South East and Wales also increased their debt compared to two years ago.
Doug Crawford, CEO of My Home Move, had this to say: “This overall increase in borrowing suggests that homeowners are taking advantage of the ‘cheap’ remortgage deals which have been around for the past few years, and thanks to the Bank of England base rate cut in August, will remain so for months to come.
With such low interest rates, using a mortgage to borrow money can be a smart move. Our research has revealed that 57% of cases from 2016 were remortgaging to raise capital, compared to pound-for-pound borrowing, suggesting people were looking to consolidate debt, release equity to fund home improvements or to pay their children’s university tuition fees or first-time buyer deposit, as the Bank of Mum and Dad was raided again.”

 My Home Move has seen a steady increase in its remortgage activity since 2014; while high street lender TSB, recently reported that 31% of homeowners are planning to remortgage this year – prompting the UK’s leading conveyancing provider to urge homeowners to look beyond the ‘easy’ option of a product transfer, to consider all the remortgage options available.
Continuing, Doug said: “Our remortgage activity has been steadily increasing over the past few years, and with the threat of a rate increase due to increasing inflation levels, brokers and consumers are alert to “this won’t last forever” sentiment. We have already seen SWAP rates, that govern the price of fixed rate mortgages, increasing over recent weeks and this will drive further activity.
Whilst we have seen a significant increase in recent weeks in Lenders that will pay procuration fees to Intermediaries for Product Transfers (with the existing lender), this research suggests in many situations it would be right for the consumer and the Intermediary to look beyond the Product Transfer to the remortgage option, to ensure their total costs and requirements are taken into account to find the most suitable product available, which their existing Lender may not offer.”
Source: 30/01/2017