Thousands of homeowners up and down the country are locking into super-cheap home loans by remortgaging, new figures have revealed. Figures from UK Finance have revealed that there were 35,600 remortgages in September, around 6,000 more cases than the number of new first-time buyer deals and the number of new homemover deals. In total those remortgage deals were worth a whopping £6.4 billion. It’s a smart move too, with remortgage deals continuing to sit at historically low levels, though with further base rate rises expected they may not be around for long. Here's our guide on how to switch - for more information, see our page on how to save money on your mortgage or if you're buying a house, here's how to make sure your mortgage application is accepted and the best new mortgage deals. If you're buying a house, you may also want to read about getting a mortgage in principle. 1. The pain of the SVR When you take out a mortgage, generally you will initially benefit from a … [Read more...] about How to remortgage: Thousands slashing their mortgage bills and you can too
Best remortgage deals uk
0 Have your say For those have followed every twist and turn of the decade-long equal pay battle in Glasgow, it was common knowledge that any deal would end up costing the city fathers more than a song. Now in what is one of Scotland’s biggest ever remortgaging drives, the country’s largest local authority has agreed to sell off some of its best known music, entertainment and sporting venues to foot the half a billion pound bill. Glasgow City Council yesterday approved plans to finance a £548 million equal pay claim from thousands of women stretching back more than a decade. The council intends to sell off prized assets such as Glasgow Royal Concert Hall and the SEC Armadillo to a wholly owned arms-length company before leasing them back at commercial rates.The firm, City Property Glasgow Investments LLP, is engaging lenders with the aim of refinancing a loan originally taken in 2010.After the funding deal was approved by the council’s … [Read more...] about Glasgow Council to sell key assets before leasing them back in £500m remortgaging deal
But now the FCA wants to change rules to allow lenders to relax checks for mortgage prisoners if they pass a number of conditions, based on whether they are with an active or unactive lender. There are 120,000 customers with firms that are unregulated and a further 20,000 mortgage customers with firms that are no longer lending. For the further 10,000 who are with active lenders the FCA has already agreed a deal which means they can move to a better rate with their existing lender as long as they are up to date with payments, have two years left on their mortgage and up to £10,000 to pay off. If the FCA goes ahead with the rule change for mortgage prisoners it means the remaining 140,000 would be able to apply for a new home loan under an easier affordability test. This test would look at whether their new mortgage costs are more affordable than their current one. In theory it would allow people to move to a cheaper mortgage, although it may not apply to all the 140,000 … [Read more...] about Up to 140,000 mortgage prisoners to get better home loan deal under rule change
Brexit is battering the UK property market, pushing it to its weakest level in more than six years, with almost half of surveyors reporting that sellers and buyers are sitting tight because of political uncertainty. The Royal Institution of Chartered Surveyors (Rics) said its monthly indicators for demand, supply and prices fell to multiyear lows in November. The number of people looking for a new home fell again, with many surveyors attributing this to Brexit uncertainty. The net balance of -21%, down from -15% in October, was the lowest since September 2017. Weaker demand dragged down property prices. The price balance slipped to -11% in November from -10% in October, marking the lowest reading since September 2012. House prices have been falling in London, the south-east and East Anglia, while in the south-west, east Midlands and north-east they have been broadly flat. There were price rises in Northern Ireland, Scotland, West Midlands, Wales, Yorkshire and Humber and the … [Read more...] about UK property market at weakest since 2012 as Brexit takes toll – Rics
THE average two-year fixed mortgage rate has fallen for the first time in a year to 2.49 per cent. This is the first times average rates have dropped since their record low of 2.20 per cent in October 2017. It means now could be the time to remortgage, to lock in low rates. This is especially true for anyone sitting on a standard variable rate mortgage - where the average interest rate has reached 4.89 per cent. Charlotte Nelson, finance expert at comparison service Moneyfacts, said: "[This is] the first time the Moneyfacts UK Mortgage Trends Treasury Report has recorded a reduction to the average mortgage rate since the November 2017 base rate rise. "Many would have assumed that the average rate would have increased in the aftermath of the base rate rise this August, however the opposite seems to be the case. "Providers have started to reignite competition in the market to attract remortgage customers and retain their mortgage books." Homeowners may wish to move fast, as … [Read more...] about Two-year mortgage deals fall for the first time in a year – is now the time to fix your mortgage?