Two thirds (66%) of homeowners remortgaging an existing property in April did so to take advantage of lower mortgage rates, according to research from LMS.
The property services company surveyed those opting to remortgage in the month of April 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.
For help remortgaging contact Integrity IFA for independent whole of market mortgage advice .Use our online mortgage source and calculator.
