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Remortgaging back on the agenda

Remortgaging back on the agenda

Category: Mortgages

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

MONEYFACTS ARCHIVE
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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."

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