There was a significant drop off in the number of remortgaging loans arranged during May 2014, as lenders` tightening criteria took hold.
Figures from Legal Marketing Services (LMS) shows that there was a 19 per cent slip in the total remortgages issued last month, while the value of those loans fell to £3.3 billion, compared to the £4 billion that the Council of Mortgage Lenders reported in April.
Andy Knee is the chief executive of LMS and he explains that `remortgaging continues to lead the market slowdown as lenders tighten their lending criteria, pre-empting any government cap to tackle concerns about an overheated mortgage market`.
However, he doesn`t think it`s a long-term issue, noting that he expects remortgaging to `recover strongly in the months ahead when lenders fully adjust to [the Mortgage Market Review rules], rates improve and a base rate rise finally happens`.
Some people may not wish to wait until then though, so if you are interested in discovering some of your remortgaging options for your property now, get in touch with first choice finance.
We will provide you facts and figures without obligation from our mortgage broker lender panel, if you think there is a suitable deal for you, your personal remortgaging adviser will support you through the whole process.
Find out more about remortgaging today, even if it is just an initial chat you want by heading to firstchoicefinance.co.uk or by calling us on your mobile on 0333 003 1505 or from a landline on 0800 298 3000.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
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Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
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