REMORTGAGING HOMEOWNERS URGED TO SEEK ADVICE AMID ‘FRAGILE’ MARKET

Borrowers reaching the end of their fixed rate deals are being urged by a top industry body to speak to a whole-of-market broker to get advice as the mortgage market remains ‘fragile’.

The advice comes from UK Finance as it reported lending to movers and first-time buyers had plunged to its lowest level since the closure of the housing market during the start of the pandemic.

And it also confirmed how 19% of-time buyers have taken out a mortgage with a term of over 35-years in March – a record high. As many as 8% of home movers were also arranging their mortgage over this longer term in a bid to reduce monthly repayments.

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