Fall in Remortgages

In UK remortgages fell by 20% less in June compared to the same period last year. When the property market shows fluctuations in a struggling economy, people loose confidence in remortgages.

The financial experts believe that reduction in property prices, rising prices of the consumer durables and unemployment are some of the contributing factors that compel the people not to go for remortgages.

Only a few home owners have sufficient equity in their houses to make it worthwhile for remortgaging.

At present the average deposit for a first time buyer is around £35,000 making it difficult for them to acquire houses.

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