News

 

News Article Image

UK loans for remortgage at highest level in a decade

The number of UK loans issued for remortgages during the third quarter of 2018 was 120,400, the highest level since Q3 2008, as homeowners adopt a ‘wait-and-see’ approach amid uncertainty over Britain’s future relationship with the European Union.

In a sign that property owners are also reacting to the possibility that interest rates will rise in 2019, banks agreed 299,700 fixed rate mortgages both for house purchase and remortgage during Q3, the highest level since Q4 2008, according to the data from UK Finance. Fixed rate deals accounted for 95% of all lending at an average rate of 2.24%.

“Rates are starting to creep up for the first time in a while and it’s driving a higher number of people onto fixed rates,” said Simon Gammon, managing partner at Knight Frank Finance. “I think we’ll continue to see this trend over at least the next three to six months, or until there is any more clarity over the future of Brexit.”

Increased levels of remortgaging fits with the broader trend towards staying in one property for longer. Long-term factors such as higher levels of stamp duty and stricter rules on mortgage lending are combining with a reluctance to move ahead of key Brexit decisions, prompting more homeowners to delay decision-making.

For mortgage enquiries, please contact us.

How can we help?

Call 02072682580 or submit your details below and we will contact you.

To find out how we use your personal information, please click here.
Please enter your name
Please enter a valid email address
Please enter a valid phone number
Please select
  • Mortgages and borrowing
  • Insurance
  • Careers
  • Business partnership
  • Private Office
  • Specialist Lending
  • Other
Please avoid entering html
Your message has been sent successfully
Get in touch

Call 02072682580 or submit your details below and we will contact you.

To find out how we use your personal information, please click here.
Please enter your name
Please enter a valid email address
Please enter a valid phone number
Your message has been sent successfully

Follow us

Twitter Linkedin

Disclaimer

Mortgage Advice. The choice of interest rate and product terms will depend on your circumstances and the amount of the mortgage. Before you make a mortgage application, we will carry out a full review to establish your needs and preferences and if you meet the criteria, we will give advice and make a recommendation to you. There may be a fee for mortgage advice. All mortgages are subject to status. Please note that all products show an indicative rate only and may not be suitable for you. You must be 18 or over.

Read More

Your home may be repossessed if you do not keep up with mortgage payments.

Knight Frank Finance LLP is a limited liability partnership registered in England and Wales with registered number OC322399. The principal office of Knight Frank Finance LLP is situated at 55 Baker Street, London W1U 8AN. Knight Frank Finance LLP is authorised and regulated by the Financial Conduct Authority under Financial Services Register number 459093.