Remortgages set to help home-owners through a tough year.
Demand for remortgages is predicted to increase in 2012, once home-owners fears of a possible second recession fade. Economists predict any double dip recession will be short lived and a rebound in the second quarter of the year is likely.
Market research firm GfK NOP, advise that recent research shows consumer confidence rose four points to minus 29 between December and January, bringing it to its highest level since June 2011.
The rise came as a surprise to many experts after a 0.2 per cent contraction in GDP in the final quarter of 2011, fuelled fears of another recession. Some predict that remortgages may be increasingly used by those needing a cash boost to get through the recovery efforts of the UK economy.
Nick Moon who is the managing director of GfK NOP Social Research, commented advising that consumer confidence remains seriously depressed and recommends that January's modest improvement be treated with caution. He went on to add that if February shows a further rise then we may be seeing signs that gloom is dispelling however, until this time January's findings should be treated as good, but not great, news.
The survey of 2,000 people aged 16 and over, was compiled between January 6 and 15 this year and, revealed that people's hopes for the economy over the next year have increased. However, for many remortgages maybe still be the place to turn if house-hold finances get tough in the coming months.
