Current homeowners have ‘increased mortgage opportunities’
Current homeowners are benefiting from an increased number of remortgage opportunities, it has been suggested.
According to the Royal Institute of Chartered Surveyors (Rics), figures released today by the British Bankers' Association reveal first-time buyers are still losing out on the property market, but current homeowners are enjoying a rise in financial opportunities.
"While first-time buyers may be struggling to find finance to get a foot on the residential ladder, there are increasing opportunities to refinance for those who already own property," Rics stated.
However, first-time buyers will be encouraged to find that the suggestion of the figures is that the housing market is weaker, the body noted.
Rics added lenders are more likely to pass on rate cuts to current homeowners than first-time buyers.
The interest rate fell by 0.25 per cent in December and February and now stands at 5.25 per cent.
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