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Money Number of borrowers re-mortgaging surges by a third year-on-year

15:41  14 june  2018
15:41  14 june  2018 Source:   msn.com

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In July, Bank of England governor Mark Carney suggested that the base rate could start to increase from its 0.5% low around the turn of this year . Borrowing on personal loans and overdrafts increased by £797 million, which the Number of re - mortgage deals increase by a third in June.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'The real growth in lending has been on the re - mortgaging side, with borrowers keen to snap up a cheap fixed-rate mortgage. 'With Mark Carney's recent comments about a potential rate rise at the turn of the year

Number of borrowers re-mortgaging surges by a third year-on-year © Provided by The Press Association Number of borrowers re-mortgaging surges by a third year-on-year

The number of re-mortgage loans being taken out jumped by around a third in April as home owners and landlords rushed to cushion themselves from future potential interest rate hikes.

Trade association UK Finance said speculation about a possible Bank of England base rate rise, as large numbers of customers approached the end of their existing mortgage deals, helped to drive the spike in re-mortgaging.

Many people locked themselves into fixed-rate deals, which give borrowers certainty over their repayments for a fixed length of time.

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Remortgage lending surged in June as borrowers prepare for the first rise in base rate in over six years. Figures from the Council of Mortgage Lenders, published today, show remortgage lending was up 34 per cent year - on - year to £5.1bn.

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There were 40,800 new home owner re-mortgages completed in April – 36% more than in the same month a year earlier.

Meanwhile, there were 14,300 new buy-to-let remortgages completed in the month – 32.4% more than a year earlier.

Jackie Bennett, director of mortgages at UK Finance, said: “Re-mortgaging activity bounced back to strong levels in April, as both home owners and landlords put their house in order by locking into attractive fixed-rate deals ahead of an anticipated interest rate rise.

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If you don’t shop around for a mortgage , you’ re probably leaving free money (and a lot of it) on the table. “Interest rates can span more than half a percent for a conventional mortgage for borrowers with a good If he gets a 30- year fixed rate loan at 4.5%, he’ll pay a total of 2,148 in interest; for

When asked whether they were confident or worried about making their monthly mortgage payments over the next few years , 41 Zandi blamed the surge , in part, on the sheer number of borrowers seeking help; servicers who need to hire and train new loan counselors are unprepared for the volume.

“This spike in re-mortgaging was also driven by a large number of fixed-term mortgage deal rates coming to an end, combined with increased efforts by lenders to contact their customers before their deal rate expires.”

UK Finance’s figures also show there were 26,700 new first-time buyer mortgages completed in April, 3.5% more than in the same month a year earlier.

Some 25,100 new home mover mortgages completed in the month, 4.2% lower than the same month a year earlier.

And 5,000 new buy-to-let home purchase mortgages were handed out in April, 5.7% fewer than a year earlier.

Ms Bennett continued: “The number of first-time buyers has grown year-on-year, outstripping the number of home movers.

“This may reflect the impact of measures such as the recent stamp duty cut and the Help to Buy scheme that are focused on getting more people onto the housing ladder.”

Writing on a blog on UK Finance’s website, James Tatch, principal, analytics, at UK Finance said re-mortgaging activity has been heading upwards since around last May.

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Borrowers who are stretching themselves to make their current mortgage payments should be careful when considering an adjustable rate mortgage . Families who plan on being in their home for 30 years should stick with a fixed rate product. There are a number of sites like Wonga online, but

2. Median and/or Average number of years a 30 year fixed mortgage (or all mortgages , if all else fails) is actually held by the borrower . That is, mortgage -holders who do a re -fi, typically do it only three years after taking out their original loan.

He said: “The history of re-mortgaging shows that borrowers in general are not reactive to a rate rise after it happens, nor do they act at the last minute.

“Rather, when a rate rise seems likely in the coming months, they increasingly act to lock into rates (where those rates are attractive) ahead of the curve.”

He said substantial numbers of borrowers have been sitting on lenders’ standard variable rates (SVRs) for some time.

Borrowers often end up on an SVR when their initial mortgage deal has ended.

Meanwhile, he said: “Anecdotally we know that lenders, as part of their retention strategies, are increasingly writing to their mortgage customers reminding them when their deal rate is coming to an end.

“And whilst many customers do then take out a new deal with their existing lender (product transfers), for others it may act as a trigger for re-mortgaging elsewhere.”

Commenting on the UK Finance’s figures, Andrew Montlake, director at mortgage broker Coreco, said: “What is most welcome is the fact that we are seeing more first-time buyers coming back to the market, buoyed by the stamp duty changes and keen to take advantage of cheap mortgage rates that often mean monthly mortgage payments are cheaper than renting in some areas.

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The surge wasn’t driven by mortgage lending, but by an ongoing rise in non-revolving After a rip-roaring October, the US auto market is on pace for a record year in 2015. After all, borrowing numbers like this suggest America’s consumers are getting ready to party.

Background. For 50 years or more, elected government officials, voters, and policy advisors have levels, and a growing number of lenders offered “interest only” mortgages that required borrowers to Of course, new borrowers who took on the financial and other obligations associated with home

“The issue, however, continues to be saving enough for a deposit and meeting tougher affordability criteria, with many prospective buyers hoping that house price growth continues to soften.”

Mike Scott, chief property analyst at estate agent Yopa, said: “Where home owners are re-mortgaging to release equity some of it may find its way into their children’s pockets to help with their first-time buyer deposits.”

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