Remortgaging soars by about 13% with competitive rates

The number of people remortgaging has soared to a two-year high as homeowners take advantage of lenders’ end-of-year price war to lock into a good deal.

A total of 37,769 mortgages were approved for people switching to a new deal in October, 12.7% more than in the same month of last year, according to industry body UK Finance.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “As we head towards the end of the year, and lenders jostle for what business there is out there, there are some incredible deals on the market to attract borrowers.”

There was also an increase in the number of mortgages approved for house purchase, with these rising 3% year-on-year to 46,631, despite the uncertainty caused by the General Election and Brexit.

End of year competition among lenders is great news for anyone looking to remortgage.

Halifax is currently offering a two-year fixed rate mortgage of 1.08% for people with a 40% deposit, while NatWest is offering a two-year deal of 1.25% for those with a 25% deposit.

Rates ate only slightly higher for homeowners who want to fix for five years, with Virgin Money offering a deal of 1.46% for people borrowing 65% of their home’s value.

Nationwide, Halifax, NatWest and Royal Bank of Scotland all have five-year fixed rate loans with rates below 1.6%

Source: Zoopla Property News

 

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

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denecoblog

I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

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