Remortgaging hits ten-year high

Homeowners are increasingly choosing to release cash from their properties to carry out improvements rather than move house, according to UK Finance. The trade body revealed that the number of borrowers releasing equity is at its highest level in more than a decade, with more than 220,000 households having remortgaged last year. Meanwhile, the number of borrowers taking loans to move home remained flat year-on-year. Mortgage expert Ray Boulger, of John Charcol, said: “Stamp duty rates have increased to such a level the tax is depressing the numbers who want to move to a bigger home.” He added that “interest rates are so low, borrowers can increase their mortgage by releasing cash from their homes, without increasing their payment.”

Daily Mail (22/04/2019)