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Less remortgagors expecting rate rise

Less remortgagors expecting rate rise

The number of remortgagors expecting an interest rate rise has fallen by three percentage points to 22% in January 2016 from 25% in December 2015.

According to the latest research from LMS, just one in five remortgagors now believe rates will rise compared with 30% a year ago.

Despite this, almost two-thirds of people (65%) remortgaged to take advantage of lower rates with monthly gross remortgage lending rising to a seven-year high of £6.2bn in January 2016, a 49% increase from £4.2bn in December 2015.

Andy Knee, Chief Executive of LMS, said: “With the looming possibility of a Brexit, and in the midst of global uncertainty and shaky markets, we’re seeing indications from the Bank of England of a base rate rise being pushed back further.

“However, borrowers appear to be wiser, and are still remortgaging to reduce costs rather than becoming complacent.

“With the cost of a fixed-rate mortgage at historic lows, plummeting swap rates and so many great deals on the market, it’s never been a better time to lock into low interest rates.”

LMS also revealed that 83% of remortgagors chose to switch lenders, with 46% choosing to use a broker or adviser in the remortgaging process in January 2016.  

Nicola Georgiou, Managing Director at Freedom Finance, said that the results showed that mortgage and remortgage approvals had continued to rise which she felt could be down to homeowners making the most of low interest rates to secure their dream homes. 

"We expect to see these numbers rise further in February and March due to many existing homeowners rushing to complete purchases on additional properties before the new Stamp Duty rate, which impacts buy-to-let properties and second homes, takes effect in April," said Nicola.

Nicola added that an alternative to remortgaging was a second charge mortgage which she said can help a variety of customers to secure additional funds without interfering with their existing mortgage.

"This solution can be especially beneficial for those who have fallen victim to unfortunate life events, such as divorce or redundancy, and need to review their borrowing and re-build their credit profile," said Nicola.

"Seconds can also help those hoping to raise more finance than they would typically be able to access from other personal loans. With the arrival of the Mortgage Credit Directive on 21st March, second charge mortgages will come under the same European regulation as first charge mortgages.

"As a result, certified mortgage brokers will be able to offer these products as part of the advised sales process, which will provide the public with a secure alternative to remortgaging.”



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