The Mortgage Hut has recently predicted that the new build property market could be hit by the recent surge in homeowners remortgaging to improve their properties.
According to representative Chris Schutrups, property experts have been predicting a slowdown of the market as a result of economic uncertainty, which has been further evidenced by a rise in remortgage applications as more people remain in place and opt to upgrade their current home.
Mr. Schutrups added that the next quarter will see record numbers of people presently on fixed rate deals with their mortgage provider being changed to the standard variable rate.
He pointed out that anyone seeking to save funds this year or reduce their outgoing expenses will be examining their mortgage more closely, as it is generally the largest expenditure that any homeowner will ever make. The amount of borrowing means that even if they can achieve slight changes in interest rates, it will in turn have an impact on monthly payments and the overall figure repaid.