New Year, new mortgage
The average value of a house for remortgage reached a 13-month high in November, according to the National Mortgage Index (NMI).
As a result, remortgage borrowers benefitted from a significant boost to their housing equity, giving them access to competitive mortgage products.
The average value was £304,514 in November, a 5.6% annual increase from £288,424 this time last year, and the highest amount seen since October 2014.
This means that remortgagers experienced an increase in housing equity from £127,180 to £134,360 over the last 12 months.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Record low rates and high product numbers mean that many homeowners could benefit from switching their deal.
"People should not be deterred by the perceived hassle of remortgaging: in most cases it leads to lower monthly payments, better mortgage rates or shorter terms, making homeownership more affordable.
"The New Year is usually a time for reassessing personal finances, and mortgages should not be ignored in the process – make it a resolution!”