Banks are reporting that the numbers of customers re-mortgaging their properties is at its highest ever. Most of these customers are seeking to take advantage of two important trends in the economy. The first is that lower interest rates, and increased competition among banks and financial institutions is leading to better and better deals being available on the market in general. The second is that most borrowers financial situations have improved dramatically since they have first taken out their mortgage and therefore they are able to get far better terms and interest rates for themselves. For example, most people who take out a hundred per cent mortgage will be able to switch it, within two years, to a ninety or ninety five per cent mortgage that offer significantly better terms.
For the last couple of years, interest rates in the economy in general have been at historically low levels. Even with recent rate increases, current rates are still far lower than they were when many mortgages still being paid were first taken out. This means that there are savings to be made by fixed rate mortgage holders who can pay off their old mortgage and replace it with a new one...
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