Homeowners are remortgaging in ever greater numbers, according to new figures. In July, 37,400 UK homeowners remortgaged on their existing property.
That's up 8.4 percent on the same month a year ago, says UK Finance, the trade body for the finance industry. Those moving their mortgages borrowed a total of £6.8 billion, up 13.3 percent on the year.
In its latest data release, UK Finance said 34,900 first-time buyer mortgages were completed in July, down 3.6 percent on July 2017, with the £5.8bn in new lending also down on the year by 1.7 percent.
Avoided interest rate rise
According to its data, the average first-time buyer is 30 and has a gross household income of £42,000.
Many of those moving to remortgage did so just before the Bank of England raised its base interest rate to 0.75 percent, prompting lenders to raise their mortgage interest rates in turn.
Jackie Bennett, director of mortgages at UK Finance, said: "Remortgaging continued to dominate in June with borrowing figures up 13 per cent on the same period last year as existing two and three -year products came to an end and borrowers opted for new deals."Remortgaging allows a homeowner to switch to a better repayment rate, usually fixed over a longer period of time to protect their payments from any sudden change in rates.
A deal tailored to your needs
At Fridaysmove, we work with experienced conveyancing solicitors across England and Wales who offer proactive, low-cost conveyancing services tailored specifically to homeowners looking to remortgage.
All of the property lawyers on our panel are also on the lenders' panel, ensuring they can act in the interests of both you and the lender.
Talk to our team now on 0800 038 6446 or get an instant quote for the conveyancing services you need for remortgaging.