Posted on 02-Sep-2019

The Mortgage Bureau

Can't sell your home? Perhaps it's time to remortgage?

In July, 27.9 per cent of all mortgage completions were carried out by small-deposit borrowers, with Loan-to-Value ratios of 85 per cent and above. This was unchanged from the previous month but higher than the 27.7 per cent recorded in May.

Richard Sexton, director at e.surv, commented: “Current mortgage rates remain at a historically low level and this certainly appears to be tempting some new borrowers into the market. For those who already own a home, these rates have encouraged many existing homeowners to remortgage at a low rate and give themselves security over their payments in the coming years.”

Mr Sexton added: “These rates, coupled with a general slowdown in house price growth, are helping more young buyers, who are often strapped for cash, onto the ladder. Despite this, the market for purchase mortgages remains largely flat.”
There was also a substantial increase in the market share of borrowers with large deposits, up from 24.7 per cent in June to 26.6 per cent in July. The proportion of large-deposit borrowers also increased slightly from 24.3 per cent in April to 24.5 per cent in May, according to e.surv.

Now might be a good time to seek advice from a whole of market broker.

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