New numbers that have been released by the Mortgage Advice Bureau are showing that amount of remortgages that have occurred over the last pear has increased by over 25%. For the remortgage industry, this type of increase is huge.Brian Murphy spoke on the housing situation in general, saying that “Within the mortgage arena, the demise of the 100 per cent mortgage also indicated a relatively bleak outlook for first-time buyers”, pointing out the fact that the rise in remortgages is not the only poor number showing in the UK. Everyone has begun to pull their 100 Percent mortgage offerings; even the Royal bank of Scotland had to pull their 100 percent mortgage. These companies are seeing the problems in the economy and housing market and are reacting by failing to offer these services.With the recent influx of remortgage applications, these companies are feeling the crunch; the remortgage applications are pouring in, requiring extra work and extra time devoted to the remortgage cause. The UK housing market is watching rates rise as the prices of homes fall, and everyone is trying to remortgage to save what they can.
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