Remortgage Applications Rise Dramatically
Applications for remortgage loans have rocketed in the last year, new figures have revealed.
Data compiled by the Mortgage Advice Bureau (MAB) show that the number of remortgage loans taken out over the past year has increased by a whopping 27 per cent. Interestingly, and maybe not surprisingly considering the credit crunch, home buyer mortgages have fallen by almost exactly the same volume during the last year.
Brian Murphy, Head of Lending at MAB, spoke to the media about the latest figures, saying: "With less people choosing to buy, increasing levels of business now comes from remortgage clients."
He also commented on the current home buyer situation, adding, "Within the mortgage arena, the demise of the 100 per cent mortgage also indicates a relatively bleak outlook for first-time buyers"
Many people, especially first-time buyers, have been given little choice about being able to invest in property following lender decisions to no longer offer 100 per cent mortgages. The Royal Bank of Scotland, Halifax and Scottish Widows all pulled their 100 per cent mortgages as the credit crunch started to bite, and Abbey held out the longest but was forced to follow the competition and in early April withdrew their service too.
David Hollingworth from London & Country talked to the Guardian, saying, "Abbey were hanging on in there offering 100% mortgages when everyone else had departed the market.
"But you simply can't any longer be the last man standing as you get swamped with applications."
To find out more, or to search and compare hundreds of remortgage deals and secured loans, take a look at Accepted.co.uk.
Share this..
Related stories
Could the UK government risk increasing UK base rates?
Despite the fact that the UK economy is said to be on the verge of a potential double-dip recession a number of prominent economists are calling for UK base rates to increase in the short to medium term. They fear that the reincarnation of inflation in the UK is going to cause a major problem in the medium to longer term and short term pain is required to address this issue sooner rather than late...
Read MoreWhen should you start saving for your retirement?
As the UK state pension continues to fall in relative terms the ongoing push to see more and more of the UK population take out personal pensions goes on. The UK government has been pivotal in an attempt to re-educate the UK population regarding pension plans and long-term tax efficient investment vehicles as a means of reducing the state's potential liabilities in the future. So when should you s...
Read MoreGovernment looks to help Equitable Life sufferers
Equitable Life, the former highflying financial giant of the UK, is back in the news today with confirmation that the UK government will this week announce a £1.5 billion compensation package which is significantly better than the initial £400 million package recommended by a review of the near collapse. While this does not come close to the estimated £5 billion losses as a result of the collap...
Read MoreDoes it really cost £14,400 a year to maintain a basic standard of living?
A report by the Jacob Rowntree Foundation yesterday cast a dark shadow on low-income families in the UK who appear to have been left high and dry by previous governments. The report suggested that a single person requires in excess of £14,400 a year to maintain a basic standard of living and for a couple with two children this figure is just over £29,000. So are these figures believable? Ther...
Read MoreBarclaycard is set to shake up the credit card sector
Barclaycard has today launched what the company believes is the "broadest ever retail rewards scheme" seen in the UK credit card industry. The new scheme has been trialled in Northampton and is set to be rolled out to the company's 8 million credit card holders from March 2010. Rather than having to apply to the scheme, all Barclaycard credit card holders will automatically be registered for the s...
Read More