Kerri Astons No 1 Mortgage broker says now is the time to FIX your mortgage Remortgage market expected to flourish at the end of the year Brokers are anticipating a boom in the remortgage market by the end of 2014, as 75 per cent of homeowners are finding themselves on higher standard variable rates. The Council of Mortgage Lenders (CML) has released data showing that the amount on customers’ outstanding mortgage balances on SVRs increased to 67 per cent in Q2 2014 – up 49 per cent in the same period in 2007. With the average SVR rising from 4.61 per cent to 4.88 per cent over the past 5 years, borrowers are put onto these rates at the end of their fixed terms and left with higher monthly payments than beforehand. This leaves many borrowers unable to move onto another product due to factors such as negative equity. Yet despite this, brokers are claiming that borrowers who are currently on SVRs will still look to remortgage before the Bank of England predicted base rate rise early next year. Call Kerri on 01908 616636 to book a mortgage review appointment.
Posted on: Fri, 23 May 2014 09:31:11 +0000
Trending Topics
Recently Viewed Topics
© 2015