You are here: Home - Remortgage - News -

Rise in remortgagors in run up to Election

0
Written by:
11/07/2017
Rise in remortgagors in run up to Election

The number of people remortgaging rose by 8% in May, according to LMS.

The conveyancing business said that 31,936 mortgages were switched to a new deal over the month, compared to 29,300 in April.

But the value of these transactions dipped slightly by 1%, according to the firm, with remortgages totalling £5.1bn in May.

In a fix

LMS also noted that borrowers are increasingly switching to a longer-term fixed rate mortgage to protect against potential rising interest rates.

Over a third of switchers (34%) chose a five-year fix in May, despite only 8% of them having previously had such a deal before they decided to remortgage.

However, the majority said they don’t expect an imminent rise in interest rates, with 58% predicting no change in the next 12 months.

Andy Knee chief executive of LMS, said that borrowers were not fazed by the Election because they had expected a clear outcome. “Pollsters and the public had predicted a solid election result of a 100+ seat majority for the Conservative Party and continuity at the heart of government. Pre-election confidence was the main driver behind the increase in the number of remortgage transactions.”

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Comments are closed.

Save money now!

See how much you could potentially save by remortgaging to a different product

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

How much can you borrow?

A calculator designed to help you understand how much you can borrow towards your property
Read previous post:
2265309-flats-uk2
Revealed: The global cities where prices are sky high

Wuxi in China has the fastest growing property prices of any global city, according to a report from Knight Frank....

Close