Trussle reports shift away from remortgages

More homeowners are moving to a new home than remortgaging on their current home, new data from Trussle has revealed.

Research by the online mortgage broker found that 56% of homeowners are moving to a new a home, compared to 44% of those remortgaging, which is a shift from last year when 63% were prioritising remortgaging over moving to a new house purchase (37%).

Trussle suggested the stamp duty holiday has caused a “marked shift” in homeowners priorities, and said that many next time buyers have been motivated to make the jump to a new home because of the prospect of saving up to £15,000 on a new home purchase, as well as a desire for a larger property.

The broker said it saw mortgage applications from next time buyers surge by over 73% in June, as news of a possible stamp duty holiday gained momentum, and added that demand has been so strong over the autumn months that it has caused delays in the market – with it now takeing around 115 days to complete on a property in England.

“After an uncertain year, it’s encouraging to see house prices rising and the property market moving, with a sustained interest for house moves,” Trussle head of mortgages, Miles Robinson, commented.

“While many homeowners contemplate buying a new home, it’s important to keep on top of your current mortgage and consider remortgage when the time is right.”

Previous Trussle research highlighted that people can save an average £4,500 a year by remortgaging and to avoid slipping onto a more expensive standard variable rate (SVR) – which is equivalent to 15% of the UK’s average salary.

Robinson added: “Every year, thousands of homeowners unknowingly move onto a high SVR when their mortgage deal ends and their monthly payments can increase considerably. Homeowners can save £344 on average per month by remortgaging, which is a significant sum.”

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