Remortgaging has reached its highest level in nearly a decade as homeowners are enticed by new deals and, most importantly, the looming uncertainty of what exactly Brexit will mean for the UK.
Recent statistics from trade association ‘UK Finance’ show that remortgage loans worth a staggering £9.2 billion were handed out to homeowners in late 2018. This was a 22.7% jump on a year earlier and the highest number since November 2008, with an increased figure of 50,500 new homeowner remortgage loans completed. The frantic uncertainty of the country leaving the EU has made people feel as though this is a winning strategy.
Theresa May triggered this process on the 29th March 2017, meaning the UK was scheduled to officially leave the EU at 11 pm UK time on the 29th of March 2019, however, the EU chose to delay the UK’s departure. Matters are still very much doubtful leaving Brits worried, especially in regards to the future of their property.
Remortgaging your home involves taking out a new mortgage on a residential property you already own. In the UK, roughly a third of home loans are remortgages, and there are a few good reasons why you might want to embark on this particular adventure yourself.
If we try to forget Brexit entirely (is that even possible?) and all the consequences it may bring, there are several stand-alone points you must consider before getting involved with a remortgage.
Building up equity from your existing mortgage is quite common when you’ve purchased property, and it may allow you to remortgage at a more generous loan-to-value (LTV) ratio than what your original loan allowed. This essentially means that you’re offered cheaper deals!
Alongside the rise in those who are choosing to remortgage ahead of Brexit, the country has also seen more homeowners opting to renovate and improve their property in a bid to see the value dramatically increase.
Findley Roofing & Building, the biggest roofing company in the UK, has witnessed this first-hand. The roof of your property is arguably the most important part and is fundamental to the integrity of your home’s structure. An aesthetically-pleasing roof is a selling point that increases a home’s value, and it must be healthy in order to save energy, help avoid serious leaks, and protect the home from weather hazards.
Grant Findley, Findley Roofing & Building’s Managing Director, said: “We’re often approached by homeowners who agree that improving or replacing their roof is an integral part in adding value to their home. This is becoming increasingly dominant in light of Brexit.”
Findley Roofing and Building turn over £7.7m annually, meaning over 2,200 customers have chosen to have extensive roofing or building works carried out by their company every single year. That’s over 45 new home improvement projects conducted every single week!
With Brexit continuously weighing on the nation’s shoulders, the uncertainty that sits alongside it is causing many people to fret over what will happen once we’ve left the EU, and what will come of the economy.
To find out more about the work Findley Roofing and Building, head to findleyroofing.co.uk or call their office on 0191 417 3422.