An ever-increasing number of working people in the UK are foregoing moving properties, and instead opting to stay put and remortgage. Some of the main factors that have been cited as contributing to this include a growing sense of community in areas, and the challenge of obtaining mortgages in the current market.
The rise of the community spirit
Many reasons have been attributed to this rise in remortgages. From the usual home improvements to people wishing to gain additional funds to hire private tutors, so they can cope with the challenges faced home educating their children due to lockdown.
Surveys had pointed towards a marked shift in homeowners wishing to relocate to more rural areas following lockdown. However, more recent findings have suggested that more and more homeowners are preferring to stay within their local communities, which they have grown closer to since working from home conditions had begun.
Due to stricter lending rules, buyers are currently finding it difficult to obtain a mortgage in general, or even to move up the property ladder. With thousands of households taking advantage of mortgage holidays, the past desires to move into larger properties are simply no longer a possibility in the current climate.
Lenders have introduced more stringent checks to mortgage applications, and there’s a reluctance to consider factors such as a variable income, which can include overtime and bonuses, when it comes to checks on affordability.
Many homeowners are undeniably now seeking ways to save more money in these uncertain times, which has also added to the increased demand for remortgages. As we emerge slowly back into normality, it seems homeowners are more focused than ever on improving their current living situations to better suit their needs.
Get help from a mortgage broker
Our experts search the market to ensure you get the very best deal and can hopefully reduce your monthly outgoings. Now is clearly the time to act sooner rather than later as remortgaging can take time and lenders will be extremely busy. So contact the friendly TaylorMade team today to get started.