Is now the time to Fix?

While much press ink has been split on the rise in house prices that we have seen over the past 18 months, there has been less attention on another side of the housing and mortgage market "Remortgaging".

 

The extent of remortgage activity, like house purchase, fell very sharply in the recession.  Its revival has been slower than that of house purchase activity.  But over the past two years the number of remortgages has increased. The latest figures, for September 14, shows that around 31,000 remortgage loans were approved in the month, with a value of almost £5 billion. In the nine months prior to September the value of remortgage loans approved was up 9% on the same period a year earlier*.

With the rise in house prices having increased homeowners’ equity, this may be leading existing borrowers to consider remortgaging to take advantage of competitive deals in the market, especially at a time when the general market expectation is that policy interest rates are set to rise next year.  

These are some of the benefits you could enjoy if you remortgaged to a fixed rate: 

• The stability of a fixed monthly payment
• Increases in your salary over the course of the fixed rate may lead to greater disposable income
• Being able to overpay 10% per calendar year without incurring an early repayment charge, should your circumstances change
• Peace of mind from knowing your monthly mortgage cost in a period of great uncertainty in the economy

If you are looking to remortgage then contact a member of our specialist team now on 01274 590944.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.  There will be a fee for mortgage advice of £495.

Altogether Financial Solutions Ltd. is an appointed representative of Personal Touch Financial Services Ltd. which is authorised and regulated by the Financial Conduct Authority (FCA).

*Santander Dec 2014