'Join the race to remortgage' was the main theme of this weekend's papers, with the Times keen to point out that 25 lenders have increased their rates in the past 2 weeks, driving 2 year fixed rates to their highest level since September 2016. The Sunday Telegraph was keen to point out that even if you have early repayment charges on your existing mortgage it may be worth doing the maths to see if remortgaging now is worthwhile. The Mail on Sunday highlighted the fact that when you move house you can often take your existing mortgage with you and suggested contacting a fee free broker to discuss all your options.
The Guardian reported figures from Halifax that revealed the proportion of homeowners' income spent on mortgage payments is now at one of the lowest levels since the mid-1990s. Although the overall picture indicates that less than a third of homeowner's income is now spent on the mortgage, down from 47% in 2007, there are stark regional differences. High house prices in London and the South East means that as much as 61% of homeowners' disposable income may be taken up by the mortgage payment. Experts suggest this is one of the main reasons for more modest house price growth predictions for London, while price predictions for the North are more positive.
