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Brexit Vote Prompts Surge In Remortgage Market

Brexit Vote Prompts Surge In Remortgage Market

Wondering How Brexit Will Affect The Mortgage Market?
Keep Up To Date With The Latest Mortgage News Regarding Brexit.
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Video transcript

The UK has been in the grip of Brexit fever in recent months, as the outcome of the EU referendum in June was far from expected.

Now, with the UK in the midst of planning for negotiations to leave the EU, it seems there have been some unexpected implications for the mortgage market, that new research from `Which?` has revealed.

Covering just the first 100 days after the UK voted to leave, Which?`s analysis of the latest Moneyfacts data has shown some interesting trends emerging; particularly for people that are looking to remortgage.

According to Which?`s findings, the impact of the latest cut in the UK base rate, which came just weeks after the UK voted to leave, has meant remortgage offerings are now better than they have been for several years.

Overall, the number of 60 per cent mortgage deals available to those looking to remortgage their home had increased from 345 in June, to 421 by September.

At the same time, the average rate for these products had decreased by 0.07 percentage points to 2.23 per cent.

This may not sound like much, but over the full term of a mortgage, these savings can add up to a significant sum for mortgage loan borrowers.

An overall increase in mortgage loans of all types has also been witnessed in recent months; with growth in the total number of available mortgage products to UK home buyers and movers rising by 13 per cent since June.

Meanwhile, the research went on to show that the impact of Brexit on the nation`s house prices has so far appeared minimal.

While some regions have seen some minor decreases in value in the wake of the referendum result, the majority of areas have remained stable.

Indeed, Which? cited figures from the Nationwide House Price Index, which showed a flattening of average values during June, July, August and September.

This may mark an end to the widespread price increases which had typified much of the 2016 year prior to the EU vote.

Between June and September, the average UK house price rose from approximately 204,000 pounds to just over 206,000.

This contrasts with an increase from almost 197,000 pounds to around 204,000 pounds from February to June.

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