Remortgaging activity has remained fairly robust. The availability of lower mortgage rates and lenders increased appetite have clearly been factors supporting this. With the expectation that rates might fall further, especially since the TFS funds became available on 19 September, there is a great deal of potential for remortgage lending based on price alone.
There are approximately seven and a quarter million households between 25 and 60 who own a home with a mortgage. Of these, 61% (4.4 million) have loan that is priced more than 2% above bank rate, and 2 million of these have a loan priced more than 3% above. Obviously a proportion of these may be part way through a deal, but there is still a considerable amount of opportunity for existing borrowers to reduce their mortgage outgoings by remortgaging.
Author: Fionnula Earley Countrywide's Chief Economist
Countrywide Mortgage Services
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