Holders Borrowing More
Moneyextra.com have found out that
the average remortgaging has increased by 7.19 per cent which
equates to an average remortgage of around £122,5411.
This increase is due to house prices inflating, leaving mortgage holders to remortgage to another deal or use the equity within
their home to settle outstanding debts.
Senior editor at Moneyextra.com,
Robin Amlôt, spoke further, “It
seems many people are opting to switch expensive credit card
debt and overdrafts into long term low interest rate mortgage debt.
Of course, this does mean they could be paying far more interest
in the long run but it is one way of reducing immediate monthly
First-time buyers are under pressure because of the average property
value being so high. It is making it virtually impossible for
them to carry out a mortgage
Overall the average house prices have increased by 6.05%, leaving
the average property price at £228,754 and the average
mortgage increased to £139,095, this a slight increase
of 2.95 per cent.
The most popular mortgage
lender in May 2007 was Abbey, with
a jump up from £18,884.08 to £166,732.43.
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