Homeowners may be totally unaware that they need a remortgage and could be better off financially by getting one.  When their current mortgage deal ends they may think that their deal was intended to end and convert them over to their lender’s standard variable rate (SVR).  They paid on a good interest rate for a term and now that it is over they have a new deal and are stuck there unless they move home and sell the property.  A remortgage gives a homeowner a new mortgage deal in their current property when they end their current deal early or when the term of their current deal expires.

While house prices are declining in most areas outside of London a recent survey of Land Registry data by Halifax found that in a decade comparison homes are doing well, especially those in seaside towns.  Seaham, in County Durham, had an increase in the average house price of 183 per cent to £109,000. The tourist areas of Wadebridge and Padstow followed behind Seaham making up the top three spots for the towns with the greatest increase to house prices in the last 10 years.  Investors have always been more comfortable buying properties with seaside locations as it is usually easily re-sold for profit and easy to fill vacancies.

Homeowners that feel they are stranded with their current lender and their current mortgage deal may want to consider the help of a remortgage broker.  Homeowners that have settled to only shop with their current lender may be unaware of the range of deals available from other lenders.  Especially the broker only deals that lenders offer to remortgage brokers and hold from homeowners that deal with them directly.

Lenders are aware of the profitable and more stable mortgage lending found in the buy to let sector and have offered many more products to landlords and new landlords.  The increased choices in remortgages are making it easier for landlords to increase their portfolios.  The demand for rental property remains strong as households are kept from buying their own home due to the high level of deposits required to get a new purchase mortgage approval.

March exploded with first time buyer activity due to the race to complete mortgage purchases by the deadline of the stamp duty holiday.  The CML reported a jump of almost 75% in first time buyer purchases, which is more than 50% higher than one year ago.  The value of the hot property purchases was between 125,000 pounds and 250,000 pounds.  This range of property values was exempt from property taxes if completed by the March 24 deadline.

A major drop in the number of residential property valuations took place in April, according to the latest report by Connells Survey & Valuation.  A dip of almost one third took place.  More than one factor led to the slide, which has made quite an impact on the current weak market.  Although the plunge was significant, the number of valuations compared with a year ago remains strong.