Should You Wait to Re-mortgage?
Monday, April 5, 2010 9:12
As dozens of lenders have been taken over merged or shut up shop, the the number of mortgage deals has shrunk by 90% during the nearly three years credit crunch. In 2010, three new banks are set to inject some life into the moribund mortgage market. However, is it worth waiting for the banks to open their doors before remortgaging?
The numbers of players this year is set to edge back up, led by, though not limited to, a supermarket chain and Richard Branson.
First to open is set to be former US bank boss Vernon Hill with two Metro Bank branches this summer, and plans for nearly 200 more. Meanwhile, Tesco is testing its systems before launching mortgages through its own standalone bank. And Virgin Money has just acquired a full banking licence and is expected to open with a bang by taking over part of the Northern Rock business, which will be renamed.
While the three new banks may have a few flagship deals for the first-time buyers, the experts indicates that they will focus on those who want to remortgage.
So anyone whose deal is due to expire in the second half of the year should check their offerings in advance. Remember that the banks may opt out of price-comparison websites. They may also refuse to offer mortgages through brokers.
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