UK mortgage lending in the remortgaging sector could rise next year as interest rates pick up once again, Your Mortgage has suggested.
Website editor-in-chief Paula John commented that more homeowners will be coming off two-year fixed-rate deals next year and will be looking round for good-value arrangements, which is when remortgaging activity will rise.
Currently, UK mortgage lending providers have low standard variable rates and many consumers are happy with these because they cannot find better deals elsewhere.
"A lot of people don't have sufficient equity to remortgage in the way they used to because property values have fallen," Ms John pointed out.
Her comments follow research from the Council of Mortgage Lenders showing that one in four loan completed in August could be attributed to remortgaging activity - the lowest proportion of the UK mortgage lending sector for more than ten years.The research also found that 25,000 remortgage loans were advanced by lenders in August, worth a total of £3 billion.
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Thursday, 14 October 2010
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1 comments:
I would prefer to see proper sales. The business was really hit this year with undeclared stand-off between buyers and sellers.
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