Rising house prices and increased availability to higher loan-to-value lending has meant there has been a sharp fall in the number of households unable to remortgage, according to findings in Countrywide plc’s latest Quarterly Market Review.
In September, just 5 per cent of mortgaged households would be unable to pass tighter lending criteria, down from 9 per cent a year ago. In the last year, just over 400,000 out of the total 10.8 million mortgaged UK households have found themselves no longer to be mortgage prisoners and as a result have been able to cut their mortgage payments. In London and the South East, less than 0.1 per cent of households now find themselves in a position where they do not have sufficient equity to remortgage.
Source: The Movechannel