Is Remortgaging Difficult

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Homeowners who find it "practically impossible" to make a return commitment.

Our unique figures, backed by more than a quarter of a million reverse mortgage ratings since 2007, show the full scale of the problems homeowners face in securing a new home. During the peak of the real estate booming in 2007, homeowners needed no capital in their houses to get remortgage, with one in 20 loans exceeding the real value of their home.

Not only is it now impracticable for those who are already on the real estate manager to make the same transaction, but they will also need a down payment of at least 15 percent. Creditors are calling for ever larger amounts, with e.surv numbers showing that half of all those repaying their homes have at least 25 percent capital.

Today, 42 percent of homeowners looking for a new dealer have capital of 40 percent. Many homeowners didn't have a hard time with this because at the end of their first business, they hatched to their lenders' low floating rate standards.

However, with speculation that the Bank of England will be raising interest next week, borrower banks are anxious to protect themselves from an interest hike in their quarterly repayments by setting a set interest level. Recent British Bankers' Association data show that the number of remorse transactions increased in January.

"As the Bank of England is ready to increase interest Rates, we are expecting a rising number of homeowners to take away the remortgage. What is more, the Bank of England is prepared to increase interest rate levels. In the last year and a half, almost nobody who needs more than 85 percent loan-to-value has been able to re-finance their debt, and the percentage of credit that goes to those who need between 75 percent and 85 percent loan-to-value has dropped from a fourth to only a seventh. What's more, the percentage of credit that goes to those who need between 75 percent and 85 percent loan-to-value has fallen from a mere 25 percent to only one twentieth.