The Race to Remortgage
And all the latest news, rates and need-to-knows from the mortgage world this October from our consumer journalist Christine Toner
October 5, 2017
Race to remortgage
For many years now homeowners in the UK have enjoyed record low interest rates and, as a result, impressively low mortgage repayments. But with whispers about an imminent rate rise persisting many homeowners are now racing to remortagage in order to tie in to a great deal. According to figures from Connells Survey & Valuation remortgaging was responsible for a record 37% of valuations in August, up from 34% at this point last year.
John Bagshaw, corporate services director of Connells Survey & Valuation, said:“Remortgaging is quickly becoming the dominant activity in the lending market. The record high in August was driven by consumers seeking out better value borrowing. Having benefited from a decade of low interest rates, consumers are sensing the risk that this era is nearing an end. Many older mortgage deals are expiring this autumn which will mean moving onto more expensive standard variable rates. As a result, homeowners on these deals are opting to refinance, taking advantage of the intense competition in the mortgage market right now.”
HSBC scraps valuation fees
Anyone who has bought a house before knows the fees you have to pay can be pretty hefty. From solicitor fees to product fees, it’s safe to say these are added extras you could do without. A big thumbs up then for HSBC which has announced it is scrapping valuation fees for its customers, saving buyers hundred of pounds in the process.
With an interest rate rise reportedly on the cards in the not too distant future lenders are unlikely to be lowering their mortgage rates any time soon so we may well see more follow in HSBC’s footsteps to entice customers. Great news for buyers!
Going, going, gone – Accord withdraws record low rate
It caused quite a stir when it came to market earlier this month but sadly Accord Mortgages has now called time on its show stopping 0.99% fixed rate. Available up to 80% LTV, the mortgage was the lender’s lowest ever two year fixed rate and had borrowers in a frenzy when it was launched on September 19 but all good things must come to an end and the limited edition product has now been pulled. We’ll be sure to update you about any other jaw-dropping rates so keep your eyes peeled!
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