Qualified advisers answering your
Financial Questions
call 0800 092 1245

Is remortgaging as attractive as it should be?

When you consider UK mortgage rates are relatively low compared to historic levels it is a little surprising to see that remortgages in June were down 20% on the same period last year. Many experts believe that the reduction in UK property prices, pressure on household budgets and unemployment have come together at a most inopportune moment.

Experts also believe that fewer and fewer homeowners in the UK have sufficient equity in their properties to make it worthwhile remortgaging when taking into account all additional costs. There is no doubt that recent competition in the UK mortgage market, where competitive rates and promotions have disappeared of late, is also a factor when considering a potential remortgage of your property.

Interestingly it was also revealed today that the average deposit in the UK for a first-time buyer is around £35,000 which compares to the £1,300 required 25 years ago. While you need to take into account inflation and an increase in house prices over the period it seems that it is becoming more and more difficult for first-time buyers to climb onto the ladder. Unfortunately, with the economy and the property market struggling at the moment, this situation is unlikely to change in the immediate future.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details