Remortgaging back on the agenda - Mortgages - News - Moneyfacts


Remortgaging back on the agenda

Remortgaging back on the agenda

Category: Mortgages

Updated: 24/11/2010
First Published: 24/11/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Growing numbers of homeowners are choosing to leave their standard variable rate (SVR) and remortgage, according to the latest mortgage market research.

Countrywide has revealed that remortgage activity increased in October to reach its highest level since March last year.

A quarter of all applications the estate agents received last month were for remortgages, with consumer confidence playing a key role in the developing trend.

It said a growing number of customers were choosing to move from the uncertainty of their SVR to a new raft of competitive remortgages with interest rates lower than the SVR on offer from some high street lenders.

Slightly disappointing, however, was a fall of 1.4% in the overall number of mortgage applications, effectively cancelling out the rise of 1% seen in September.

Fixed rate mortgages remain the order of the day, with almost three quarters of applications for such deals.

Meanwhile, applications for fixed rate buy-to-let mortgages jumped by 14% to reach their highest level since last December.

With regards to the housing market, the estate agents noted a slight dip in the number of new sellers over the month, an indication that only buyers and sellers that are serious about making a move are doing so.

"The market is still active but lending restrictions and general lack of confidence might be holding back those non-essential movers which underpin the market's recovery," said Grenville Turner, chief executive of Countrywide.

"Serious sellers need to remember that buyers decide what prices are – it is an extremely price sensitive market."

If you're thinking about remortgaging, buying a house for the first time, or becoming a landlord, we have got all the best mortgage deals for you.

Our best buy charts are designed to make it easier for you to find the mortgage deal that you need.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!