UK Mortgage Applications Climb
The number of mortgages people are applying for in the UK continues to climb according to UK mortgage applications statistics by the Bank of England. Data shows that house prices are higher than a year earlier, and interest rates also continue to climb too.
According to mortgage lenders and administrators, the desire for more space at home has been driving the country’s property market. There has been a fundamental shift in mortgage lending due to the demand with a significant increase in flexible home working in turn creating a desire for more space.
The rise can also be attributed to easier access to mortgages, with rising interest rates allowing banks to offer more attractive deals to buyers. It is both first time buyers and home movers who have been seeking mortgage commitments, and applications from both groups continue to increase.
The Buy Association pointed out that remortgaging is a good option to explore if you’re keen to release some cash from your property. A survey found that 74 per cent of those who take out a new loan on their property see their monthly mortgage payments fall.
Just over one-third even reported as much as a ten per cent reduction in their monthly mortgage payments as a result of remortgaging. The survey also revealed that almost two-thirds of those who have remortgaged discovered that the value of their property had increased when they did so.
Remortgaging isn’t only useful if you’re looking for a better deal on your mortgage payments. You can also use it to release some of the equity from your property and put this towards the likes of home improvements.
According to the study, around one-fifth of homeowners took residential mortgage loans to help them pay for home extension and/or improvements, while 19 per cent used the money they released by remortgaging to make their homes more energy efficient and sustainable.
Whether you’re looking for your first mortgage to embark on your first house purchase, or are considering a remortgaging for your existing property, it’s important that you get specialist advice to ensure you consider all your options and find the solution that works best for you.
Speaking to an independent mortgage broker in London will allow you to find out what options are open to you and what will best suit your personal circumstances. Buying a first home or new home is an exciting time, and we aim to keep it that way, taking away as much stress and hassle as possible. At Greenacre Financial Services we have years of experience in helping people just like you to find the right mortgage for your needs.
If you are considering a remortgage, Greenacre we work with you in advance to make sure your mortgage continues to match your needs, comparing your existing deal with the rest of the mortgage market to find the most suitable product. We’ll do it all within good time, so you don’t ever pay more on your mortgage than you have to. For more information read our blog on How long does a mortgage offer last?
Unlike many of our corporate competitors, we are a completely independent Whole of Market Mortgage Broker offering a choice of around 100 lenders and up to 25,000 different mortgage schemes, meaning we will be able to find you the best mortgage rates.
