According to lenders, the number of home owners re-mortgaging has fallen steadily since the beginning of 2017.
Both building societies and banks have found that the number of re-mortgages given to home owners has fallen each month during 2017. During May this year, there were 32,500 re-mortgages given out, which is a 2% fall from April’s figure.
In January 2017, the number of re-mortgages reached 39,400, but since then the number has gradually fallen. The figures were obtained from UK Finance, the new trade body, although the data had previously been published by the CML (Council of Mortgage Lenders).
The chief executive for SPF Private Clients mortgage broker, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Harris, stated that although there may be an increase in mortgage rates, borrowers do not need to panic. Harris stated:
“Swap rates have been creeping up and that will affect the pricing of fixed-rate mortgages.”
He added that the markets were expecting an increase in the base rates later in the year, but said that lenders didn’t expect the rates to rise above 0.5%, which is what the figure had been in August last year. According to Harris, there were a number of excellent deals available to buyers, but borrowers didn’t need to worry just yet, as they would be available for a while.
Buyers who are looking for a mortgage, or home owners wanting to find a better deal, should seek advice from a mortgage advisor, as they undertake CeMAP training in Liverpool and other cities around the UK. This gives them the knowledge they require to find the most suitable deals for home buyers.
