Remortgaging reaches new high in June

Remortgaging reaches new high in June

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Video transcript

The average remortgage advance reached a record high in excess of £163,000 (£163,161) during June, as the market seemed to recover following a slowdown caused by the mortgage market review (MMR).

Legal Marketing Services (LMS) has indicated that the new level represents a nine per cent increase from the previous June and a five per cent rise from May, when the market began to feel some added pressure from the new, more stringent home loan finance rules.

In total, LMS figures show that remortgage lending rose by 11 per cent during the month to £3.7 billion, which is an increase from the May number of £3.3 billion offered by the Council for Mortgage Lenders (CML) recently.

However, the number of people remortgaging is actually down by 12 per cent on this time last year, suggesting that some are putting off getting a new home repayment deal or have not been able to secure a suitable one. This is where First Choice Finance can help.

As we provide help and advice whilst having access to a panel of different lenders we will provide the figures to you before you make any final decision to remortgage or not. Remortgaging is a major decision, it should not be rushed and talking to someone with plenty of experience could help answer your queries.

To start provide a few details in confidence to our in house adviser team and we will work with you to find the most suitable remortgage deal from our selection of remortgage products, which will be presented for you to consider through a free quotation. That way, if you`re not totally happy with it, you can simply turn it down.

Let us help you demystify the remortgaging process - visit firstchoicefinance.co.uk or call us on 0333 003 1505 using a mobile or 0800 298 3000 on a landline.
 

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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