Big Rise in Remortgages This September – Save More on Your Mortgage Now!

September Sees a Jump in Remortgaging

As summer ended, more people started remortgaging their homes in September. According to LMS, the average monthly payment increased by £370.13 for those who switched mortgages last month. This jump in activity was expected since many mortgage deals are ending in the final months of the year. In fact, over 33% of all mortgage expiries in 2024 will happen in the last three months, with the highest number expiring in December.

Borrowers Are Increasing Their Loan Sizes

Nearly half (49%) of those who remortgaged in September decided to increase their loan amounts. This means many people borrowed more money against their homes, often to access extra cash. While 32% kept their loan size the same, 19% chose to reduce it. Many homeowners remortgaged to release equity, with 31% saying this was their main reason.

Fixed-Rate Mortgages Are a Popular Choice

With economic uncertainty in mind, many people chose to fix their mortgage rates to avoid future rate changes. Two-year fixed deals were the most popular, with 44% of remortgagers choosing them, followed by five-year fixed deals at 42%. Even though mortgage rates are predicted to go down in 2025, many still want the security of a fixed-rate mortgage.

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Why Now Is a Great Time to Remortgage

With so many mortgage deals ending in the next few months, now is a smart time to consider remortgaging. You could lock in a lower rate, reduce your monthly payments, or even take out extra funds. Reviewing your mortgage before the end of the year could help you avoid higher costs in the future.

Let Contractor Mortgage Solutions Help You Save

At Contractor Mortgage Solutions, we make it easy for contractors to find the best remortgage deals. Our expert brokers know how to work with your unique income, so you can get the right mortgage for your needs. We handle the details, from finding the best deal to taking care of the paperwork.