Remortgage Down, House Buying Up For Brits

With the current economic crisis, you would hardly expect people to be enquiring into buying homes, and the trend in remortgage might be expected to rise. However, according to figures from John Charcol, more and more Brits are purchasing homes for themselves rather than taking the remortgage route.

According to Drew Wotherspoon, Director of Marketing for the broker, “For those borrowers who are in a position to remortgage it would seem that they are waiting for some movement in bank rate, or at least some more definitive information as to when it will move. Whilst this strategy is understandable increasing numbers of borrowers could be considerably better off if they moved their home loan now.”

The change in the landscape of the housing market in the UK has led to ups and downs in the rates for mortgages and remortgages, and the trend of remortgages in general has fallen by 2.6 per cent to 24,949 in during June. The falling of mortgage approvals has also marked an area of change congruent with the declining trends. Many people are concerned about the economic condition and are putting off the remortgage for a while.