Despite mortgage rates remaining at an all-time low, many borrowers will not secure new mortgagees at anything like the rates that they are currently on, with most borrowers looking at rate rises of 2-3% and some looking at much more than that.
Tim Moore, managing director of Portal Portfolio said:
“Many homeowners are locked into some very attractive deals, and the costs of breaking these deals and re-mortgaging, if all you are looking to do is raise a few thousand pounds, just doesn’t make sense.
"My market knowledge also suggests that brokers are finding it easier to place secured loans as most of the current customers are prime, looking for reasonable borrowing and for legitimate reasons.”
