Remortgaging is propping up a slow home lending market in the UK - Property Wire

Remortgaging is propping up a slow home lending market in the UK – Property Wire

Many are redoing their mortgages to get better rates and cheaper payments. This helps may keep their homes. If it weren’t for this the home loan market would be way down. This remortgaging is what’s keeping it going. This is in the UK but the same remortgaging happens everywhere when people feel they need a better loan. Interest rates cange so it can be beneficial to do this when they go down if they were up when you got the initial loan.

Key Takeaways:

Real wages fell by about .02 percent, during the first three months of 2017,in the UK.
This downwards shift in real wages, is responsible for additional, notable strain in UK family finances.
Statistics show about 72 percent of re-mortgagors consulted a broker in April, as opposed to 63 percent in March.

“‘The remortgage market had a good month in testing conditions. In the next few months the general election and Brexit negotiations will cast a shadow of doubt over the future of the purchase market. Home owners should seriously consider remortgaging now while rates remain low and in case market conditions worsen significantly,’ said Andy Knee, chief executive of LMS.”