With interest rates at such low levels so are mortgage rates for borrowers. Over the last few years rates for borrowing have reduced dramatically and lenders are seeing increased numbers of people re-mortgaging. However, there appears to have been a drop in lending to first time buyers.
According to the Council of Mortgage Lenders, January's mortgage lending totalled £18.6bn, of which £9.6bn was in respect of re-mortgages. They believe that the high levels are due to the attractiveness of mortgage deals available and the fact that people are releasing the equity built up in properties.
Our Tip:
If your mortgage is based on a standard variable rate it could be worth looking at your re-mortgage options. There are many deals including fixed, discount and capped rates without any penalties that could significantly reduce your outgoings.
As luck would have it - we have today launched a brand new web site Mortgage Crazy.com! Take a look at the new site as well as the normal informative content on everything that is property and mortgages.