UK remortgage trends revealed in new report by Uswitch
2024 has already proved to be a tricky year for mortgages in the UK. Many borrowers and brokers hoped that we might have left rate rises back in 2023, however this has not been the case. In the last few weeks we have seen many lenders increase their mortgage rates. Hammering home the necessity of remortgaging your property and fixing your mortgage rate for a period of time. It’s absolutely crucial for property owners to stay abreast of the latest trends and statistics in the UK mortgage market, especially when it comes to remortgaging. Recently released data by Uswitch in their 2024 UK remortgage statistics report provides some really valuable insights into remortgage trends in 2024 so far that underscore the necessity and importance of remortgaging in the current tough climate. Lets have a look at some of the data released by Uswitch.
UK Remortgage Statistics From Uswitch
According to the report, by Q3 2024, it’s estimated that over 283,000 UK mortgages will require refinancing. While this figure represents a decrease of around 88,000 compared to the peak in Q2 2023, it still signifies a substantial portion of homeowners who stand to benefit from reassessing their mortgage arrangements. These numbers emphasise the ongoing need for homeowners to proactively manage their mortgage obligations to ensure their money is going to good use.
In their report, Uswitch also released data about remortgaging and specific property types. One notable trend highlighted by the data is the frequency of three-bedroom properties in remortgage quotes. In 2023, nearly two-fifths (42%) of all quotes received by Uswitch were for homes with three bedrooms.
Regional Differences In Remortgage Balances
Regional disparities in average mortgage balances further emphasise the importance of strategic remortgaging. Greater London, for example, boasts the highest average mortgage balance at £265,937, a figure 25% higher than any other region in the UK. The South East and East of England also stand out, with average balances exceeding £200,000. That is a lot of debt that needs to be carefully managed!
Remortgaging Different Property Types
Property type also clearly plays a significant role in remortgaging. Detached homes, commanding the highest average asking price at £447,076, experienced notable decreases in monthly mortgage payments from December 2022 to January 2024. Similarly, semi-detached homes witnessed significant reductions in monthly payments, indicating potential savings opportunities for homeowners across various property types with the right guidance and remortgage strategies from personal mortgage brokers.
Age Trends
Age also emerges as a factor shaping remortgage trends, with individuals aged 30 to 39 and 40 to 49 comprising the largest share of remortgage quotes. It seems that older borrowers are less concerned with remortgage quotes. Perhaps due to many either not having mortgages anymore, or small enough balances and low enough remining terms to not be concerned. Younger borrowers are increasingly feeling the pressures of mortgage rate rises and are therefore more proactive in looking to re-structure their property finance.
Speak To A Remortgage Broker In 2024
At Oportfolio Mortgages, we understand the significance of these trends and our job is to inform and help every current mortgage borrower who needs it. Our team of experienced brokers specialises in helping clients remortgage and refinance their properties, offering personalised advice and solutions tailored to your individual circumstances and needs.
The data released by Uswitch ultimately highlights the necessity and importance of remortgaging in 2024. With strategic guidance from our knowledgeable brokers at Oportfolio Mortgages, borrowers can secure a good new mortgage product and rate, that will keep them comfortable and keep their mortgage manageable in a touch market.
Whether you’re looking to secure a new rate before interest rates increase again, release equity, or consolidate debt, our brokers at Oportfolio are equipped with the expertise and resources to help you unlock the full potential of your mortgage. Call or email our team today to arrange a fee free initial mortgage consultation.
