More people set to remortgage, says expert

Date:Tuesday 1st June 2010
Author: Max Freedman

An increasing number of people are going to remortgage their properties, according to a sector commentator.

Chief executive of Assetz Stuart Law claimed remortgaging levels have been reduced recently since the equity many people hold in their homes cut the loan to value of their home finance deals.

He suggested this situation made a remortgage a tricky option.

But Mr Law added: "I think it has only got one direction to go really, which is up. I can't see it going down any further. Generally, we are going to see an increase in remortgaging going forward."

In his view, another factor that led to the low levels of remortgaging going on currently is the competitive rates consumers are paying, but he stated this situation could change in the future.

The Council of Mortgage Lenders recently revealed house purchase lending increased for a ninth consecutive month in March, but remortgaging was down 29 per cent year on year for the period.