More competitive remortgage products in 2011
It has been suggested that those homeowners considering remortgaging may find they can get a better deal if they wait until next year.
Gary Styles, Hometrack’s strategy, risk and economics director, said that lenders have appeared less interested in recruiting new remortgage customers recently and that the situation probably will not change until 2011, when the Bank of England’s base rate of interest is expected to begin rising.
“When that happens, then clearly the competitiveness of individual mortgage deals will come to the fore and that’s when lenders will start to potentially offer more competitive remortgage products,” he explained.
Mr Styles’s comments were made in response to the latest figures from the Council of Mortgage Lenders, which were published on Thursday (January 14th).
The statistics showed that 31,000 remortgage loans were taken out during the month of November, six per cent less than in October and 39 per cent less than 12 months before.