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Patient London FTB

Remortgagefest!

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Latest numbers from UK Finance show a huge amount of remortgaging going on in January. 

49,800 homeowner remortgages, which they say is a nine-year high, and about 25% above Jan 2017. 

16,500 BTL remortgages, which is higher than the rush in Mar 2016 to beat the stamp duty deadline. 

What's going on? 

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20 minutes ago, Save me from the madness! said:

people fearing rate rises! The best is coming! Tick tock

It will probably only be the more savvy who have done it to beat the rises. Plenty more will be clueless, until the rises happen.

Edited by TonyJ

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I simply replaced two wage packets with a delicious nutritious loan

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6 hours ago, Patient London FTB said:

Latest numbers from UK Finance show a huge amount of remortgaging going on in January. 

49,800 homeowner remortgages, which they say is a nine-year high, and about 25% above Jan 2017. 

16,500 BTL remortgages, which is higher than the rush in Mar 2016 to beat the stamp duty deadline

What's going on? 

16,500 landlords who won't be selling up without juicy Early Redemption Charges... 

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1 hour ago, spyguy said:

Strange.

Time to remortgage was last summer or earlier.

But still better now than in 6 months time

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I could think of:

1) HTB(first batch) remortgage time

2) IO to repayment switch

3) VR to fixed rate switch before  rate hikes

4) BTL portfolio reduction resulting into restructuring/remortgaging?

Edited by Fairyland

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2 hours ago, spyguy said:

Strange.

Time to remortgage was last summer or earlier.

Easily said with hindsight, and can take time to work through. I would speculate a lot of these were kicked off last year around or soon after the base rate rise in November.

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27 minutes ago, nayth said:

Easily said with hindsight, and can take time to work through. I would speculate a lot of these were kicked off last year around or soon after the base rate rise in November.

Yes, very good point.

And I really enjoyed your reply, @oatbake! :)

 

Edited by mrtickle

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9 hours ago, Patient London FTB said:

Latest numbers from UK Finance show a huge amount of remortgaging going on in January. 

49,800 homeowner remortgages, which they say is a nine-year high, and about 25% above Jan 2017. 

16,500 BTL remortgages, which is higher than the rush in Mar 2016 to beat the stamp duty deadline. 

What's going on? 

BTL remortgage is in line with the Mar 2016 rush. Most lenders will allow to secure a remortgage 90 days before the end of  current fixed term. 

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2 minutes ago, hi5lo5 said:

BTL remortgage is in line with the Mar 2016 rush. Most lenders will allow to secure a remortgage 90 days before the end of  current fixed term. 

Wonder if the spurt in OO remortgaging is somehow linked? 

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13 hours ago, chronyx said:

I simply replaced two wage packets with a delicious nutritious loan

Nice :)

There was a time when you would always hear people say, I would love to be a millionaire, Del Boy being the most famous. I quite often hear people these days say something like " a million would not be enough these days" based on the fact that people have ramped prices up using debt and have made speculative profit  built on  that huge debt, one not quite cancels out the other, but it's getting closer.

I have a belief should all this come crashing down, and the odds are in the favour IMO of a property crash at some point,  being  just debt free and with a clean record of the debt ridden past, like most of us really should be, being debt free will become the new black, just having a few £1000, in the bank and having no loans or overdrafts, and even if you had them in the past you maintained them, will make you look favourable in a world where so many peoples illusionary wealth has vanished and they are left with debt scars

 

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10 hours ago, Patient London FTB said:

Wonder if the spurt in OO remortgaging is somehow linked? 

It is quite possible. Mad gains MEW on the main residence went on as deposit for a second home just before mad rush.

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55 minutes ago, hi5lo5 said:

It is quite possible. Mad gains MEW on the main residence went on as deposit for a second home just before mad rush.

Maybe margin calls on now higher-hurdle BTL mortgages are producing the need to extract further equity from main residences? 

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