10m Brits Looking To Remortgage

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10m Brits Looking To Remortgage
(presented by www.refinance-refinance.net - mortgage lenders)

By Michael Eccles

Nearly ten million people in the UK are thinking of remortgaging between now and February, new research shows. According to Egg, interest rate hikes in August and November have prompted 60 per cent of homeowners to consider switching to a fixed-rate mortgage.

Almost 12 per cent of homeowners are seeking variable-rate mortgages, while 7.8 per cent are considering switching to discount-rate mortgages. Moving to a tracker-rate mortgage was an attractive proposition to 5.8 per cent of those surveyed, Egg found.

“With thousands of mortgages to choose from, the market is extremely competitive so it pays for people to shop around for the best deal,” said Egg’s Simon Musselle. The Council of Mortgage Lenders has said that remortgages in September accounted for about 30 per cent of the market in terms of value.

Reports over the weekend that buy-to-let repossessions are on the increase are irresponsible and wrong, the Association of Residential Letting Agents (Arla) has said. According to Arla, data actually confirms that buy-to-let investors have lower repossessions and arrears than other mortgage holders.

Arla said that on the whole, buy-to-let investors are risk-averse and have other sources of income, which reduces the possibility of arrears. John Heron, from Arla, said: “We are very disappointed that such stories about buy-to-let are being published on the back of little more than anecdotal information.

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“The facts on buy-to-let paint a very different picture with arrears and repossessions much lower than for the mortgage market as a whole.” A few days ago, the Financial Times reported that a significant number of buy-to-let properties are being repossessed and sold at auction.

“Currently over half of repossessions are buy-to-let. It has grown significantly,” Gary Murphy, auctioneer at Allsop, told the newspaper.

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