Should I remortgage now?
Many of you are perhaps wondering, should I remortgage now while a rise in mortgage lending continues to support house price growth?
According to the Bank of England mortgage lending rose in January. Figures show a £1.6 billion increase in lending which was double the average for the preceding 6 months.
The increase in lending coincides with Land Registry data which indicates that house price growth shows that the property market could be entering the early stages of recovery. For those asking should I remortgage now the news is good. Now may be the best time to go out and grab yourself a great deal.
Housing market analysts at IHS Global Insight advise that the combination of housing market activity showing a modest upward trend and the UK economy showing some signs of improvement, are leading to a reduced risk of house prices falling.
In light of the data analysts are adjusting their house price decline forecasts acknowledging the possibility that UK house prices may not drop during this year.
The Land Registry reports that house prices increased in England and Wales by an average of 1.1 per cent in January and BBA have said mortgage approvals are running at a 2 year high.
Lenders are reducing their deposit requirements and there is greater availability of remortgage products.
Deal Direct are familiar with different remortgage providers lending criteria and we are best placed to source you a competitive deal. For those of you who want to know should I remortgage now, contact our highly skilled brokers for the very best remortgage advice.
