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|Freedom Finance comment on BoE Money and Credit statistics released today|
|Tuesday, 01 March 2016|
Nicola Georgiou, Managing Director at Freedom Finance, comments on the Bank of England Money and Credit statistics released today; “Today’s statistics show that mortgage and remortgage approvals have continued to rise in 2016. This is due to potential homeowners making the most of low interest rates to secure their dream home and remortgagers looking to switch onto the competitive deals on offer. We expect to see these numbers rise further in February and March due to many existing homeowners rushing to complete purchases on additional properties before the new Stamp Duty rate, which impacts buy-to-let properties and second homes, takes effect in April.
“An alternative to remortgaging is a second charge mortgage, which can offer a personalised solution to some consumers’ individual financial needs. Second charge mortgages can help a variety of customers to secure additional funds without interfering with their existing mortgage. This solution can be especially beneficial for those who have fallen victim to unfortunate life events, such as divorce or redundancy, and need to review their borrowing and re-build their credit profile. Seconds can also help those hoping to raise more finance than they would typically be able to access from other personal loans. With the arrival of the Mortgage Credit Directive on 21st March, second charge mortgages will come under the same European regulation as first charge mortgages. As a result, certified mortgage brokers will be able to offer these products as part of the advised sales process, which will provide the public with a secure alternative to remortgaging.”
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