Call us: 0345 305 2540

Could Brexit Uncertainty Inspire Even More Remortgages?

LATEST NEWS | 09.01.2019

With Brexit uncertainty wreaking havoc on the nation, many homeowners are rushing to remortgage their properties in a bid to lock in low rates and gain as much financial security as possible.

With Brexit uncertainty wreaking havoc on the nation, many homeowners are rushing to remortgage their properties in a bid to lock in low rates and gain as much financial security as possible.

In October alone, homeowners remortgaged loans equating to £9.2bn, the highest monthly total since November 2008, when it hit £9.3bn, according to figures from UK Finance.

The number of remortgage loans also smashed records, hitting a 10 year peak at 50,500.

Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging has reached its highest level in almost a decade, as homeowners take advantage of a competitive market and lock into attractive deals.”

The new figures also reflect the large number of fixed-rate mortgages coming to an end.

And with Britain’s imminent exit from the EU threatening economic uncertainty, dramatic changes in property values and the potential for interest rate rises, the abundance of remortgages is likely to continue.

Remortgaging can bring a number of benefits, particularly for those nearing the end of a fixed rate deal.

When a fixed rate period ends, the homeowner usually starts paying their lender’s standard variable rate (SVR) and this is often higher than their introductory rate.

By remortgaging and securing a new fixed rate deal at a more affordable rate, homeowners can keep their repayments as low as possible while also benefiting from the security that comes from fixed repayments over a specified period of time.

Remortgaging can also have benefits for homeowners looking to free up equity. Some homeowners may choose to use the capital they’ve built up in their property to access cash to be spent elsewhere. This is particularly popular amongst homeowners looking for a way to fund home improvements without taking on credit card debt or a loan.

If you’d like to remortgage your home in order to benefit from more financial security in the lead up to Britain’s exit from the EU, please get in touch with the team at TaylorMade.

Talk to us

If you're unsure and need some advice just give us a call, our expert team of advisers are available to help you choose the mortgage that is right for you.

0345 305 2540 info@taylormade-finance.co.uk

By clicking on the above link you will be leaving the regulated site of TaylorMade Finance Ltd. TaylorMade Finance Ltd is not responsible for the accuracy of the information contained within the linked site.

TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority.

Complaints:

In the event that you wish to complain, you can contact us by email, telephone or letter.

Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.

Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567

Your mortgage will be secured against your property.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our fee for this service is 1.95% of the mortgage balance (minimum £1,295 to a maximum of £2,995 although reduced to maximum £1,995 without debt consolidation). Typically this will be £1,995.