According to leading brokerage the Mortgage Advice Bureau this combination has pushed the average remortgage value up to £170,094, a rise of 5pc in 2015 so far. The average loan to value ratio on those loans has also risen, from 54.9pc at the start of the year to 56.5pc in July. Alongside this the average value of a home where the owners are remortgaging has gone up from £296,308 in January to £300,898 in July.
Many property owners have been understandably keen to lock into low interest rates by remortgaging before fears of the Bank of England increasing the base rate, a move which was expected to happen in the next 12 months. Banks approved more remortgage loans in July than at any other point in the past four years, with 24,400 home owners getting a new loan up 29pc on the year, according to the British Bankers’ Association.
The average five-year fixed rate loan is also down. “Mortgage rates have been tumbling since the beginning of the year, and many borrowers have jumped at the chance to secure a low rate deal. However, a few high street lenders increased their pricing recently – suggesting we may fast be approaching the bottom of the curve,” said the Mortgage Advice Bureau’s Brian Murphy. If you are looking to remortgage Enable’s IFAs in Bishop's Stortford can help.
Your home could be at risk if you do not keep up your mortgage repayments.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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