Clydesdale Bank has released a new report that shows that a high percentage of homeowners around the UK have to re-evaluate their finances due to the current economic climate. As a result, according to the research, one in ten is considering remortgaging, paying off their mortgage or making over payments to their mortgage over the course of the next 12 months.
Specific Areas
The figures that have come from the report show that the people who are living in the Midlands are the most likely across the country to be rethinking their finances as 17 per cent are considering a change to their mortgage. However, in the North East only 6 per cent are thinking about one of these options.
The report also shows that just over half the people who own a house aren’t planning to move in the next year and under one quarter of these have said that there is little that will convince them to relocate. Also in the study, it showed that 30 per cent would be willing to move for a job related issue or if they needed more space for family reasons. Even though many people seem happy in their homes, 24 per cent have plans to change their properties; either redecorating or building extensions over the next year.
Get the Best Mortgage Possible
Landlords thinking of remortgaging must be aware of the best deals possible and do their homework.
Landlord insurance is also essential, however it could be especially so if you’re looking at renovating a property.
Steve Reid who is the retail director for Clydesdale Bank commented saying, “People often only think about changing mortgage when they move but even those that are very settled in their current home can remortgage to ensure they have the best mortgage for their needs.”
Quick Move Now has been researching cash buyers vs. mortgage buyers and has found that there was little difference since 2010 although there was a tiny increase in the number of cash buyers.