Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Remortgagors Reap the Benefits

Housing-Market / Mortgages Sep 21, 2015 - 12:52 PM GMT

By: MoneyFacts

Housing-Market

Moneyfacts.co.uk data can reveal that not only are remortgagors reaping the benefits of more products on the market, but they’re also profiting from significantly lower rates.

With remortgage activity surging to its highest level in four-years*, it looks as though there has been no better time to take advantage of the great deals on offer. The table below highlights how the number of products available to remortgage customers on the market has increased while the rates charged have simultaneously fallen.



Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:

“It seems that now is the perfect time to remortgage; growing product numbers and falling rates have created a perfect storm in the remortgage market, and borrowers are rushing to take advantage. Some rates have witnessed particularly dramatic reductions since the beginning of this year: the average two-year fixed mortgage for remortgage customers has fallen by an astonishing 0.39% in just six months, for example.

“With the average Standard Variable Rate (SVR) standing at 4.82% today, it’s unsurprising that more and more consumers are remortgaging to a better deal: by switching to the average two-year fixed rate mortgage, customers can potentially save £2,196.00** in just one year.

“Many deals are also now offering the option to make overpayments, which if taken advantage of, can benefit remortgage customers even more. Wise remortgagors could use the money saved from changing deals to overpay their mortgage, thereby reducing the length of their mortgage term.

“However, with the Mortgage Market Review now firmly entrenched in bank policy, some remortgage customers will be shocked by the changes in the mortgage process. But as long as remortgagors get their finances in order, there is nothing to worry about.

“If you are considering remortgaging to a low-cost mortgage, act now to avoid disappointment. These attractive deals will not be around forever.”

* Source: British Bankers Association.

** Based £150,000 mortgage over a 25-year term on a repayment only basis.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in