Remortgagers take advantage of falling rates

Remortgagers take advantage of falling rates

Two thirds (66%) of homeowners remortgaging an existing property in April did so to take advantage of lower mortgage rates, according to a new survey
Those surveyed in April said they opt to remortgage and found that almost half (42%) did so to lower their monthly payment, some reducing them by as much as £500 (3%).

More than one in five (21%) increased the size of their loan – 14% did so by as much as £10,000. Releasing equity in their home meant that 16% were able to fund a home improvement, whilst 9% said they would use the extra capital to consolidate their existing debts.