Expected interest rate increase trigger rise in remortgaging
Published: 27/05/2011
It has been an encouraging first quarter for remortgage business. Accounting for 37% of all lending in Q1, an increase of 30% from Q4 in 2010, there were 33,900 loans for remortgages in March alone and gross lending was estimated at £30.1 billion for Q1. In contrast, house purchase lending fell 26%.¹
The Council of Mortgage Lenders (CML) attributes this to expectations of an impending interest rate rise. The fear of such an event has prompted many to switch from a variable rate to more secure and appealing fixed rate deals².
The CML continues by saying these expectations “will continue to strengthen remortgage lending in the next few months”¹ making now an appropriate time to remind you of our fantastic 25/7 remortgage deal.
Every time you complete a remortgage with us, you’ll earn a little extra. A £250 cashback remortgage gives you £75 while a £200 cashback remortgage gives you £50.
There’s no limit to the number of instructions you can make, so there’s no limit to how much cash you can earn, and with these figures, there’s definitely opportunity to make a bit of extra dollar!
Send all instructions via GWLive or simply call us on 0845 373 3737.
¹Source: Mortgage Strategy (May 2011)
²Source: Remortgage Now (May 2011)
Content correct at time of publication