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|John Phillips at Just Mortgages comments on the Bank of England's latest figures|
|Thursday, 02 February 2017|
John Phillips, group operations director at Just Mortgages and Spicerhaart says, “Approvals of loans secured on dwellings for remortgaging was higher than the previous six month average, suggesting that the low rates are responsible for the resilience we’ve seen in recent months. This growth in the remortgage sector has enabled homeowners to make substantial savings to their monthly outgoings and it is good to see that more borrowers are taking the initiative and saving themselves money by swapping their current mortgage deal.
“As we look ahead into 2017, it is likely that remortgaging will remain high as more borrowers will look to remortgage to secure favourable rates. Although the full impact of Brexit is still waiting to be felt in the mortgage market, rising inflation will inevitably apply additional pressure to household budgets. Therefore, any way to help reduce outgoings, such as remortgaging, will be welcome relief to many borrowers.
“Swap rates have also settled down since the beginning of the year and, with gross mortgage lending at an eight year high, let’s hope borrowers continue to take advantage of the low rate environment, as it is possible that confidence will fluctuate in March if Article 50 is declared, as expected.”
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