One in four homeowners remortgaging an existing property in January increased the size of their loan to free up capital to pay off other debts or spend elsewhere, according to research from LMS. ? The property services company surveyed those opting to remortgage at the start of the year, finding that 25 per cent of those questioned would use an extended mortgage to pay off other debts or free up cash to spend. ? The study also found that, of those increasing their loan amount, two thirds (66 per cent) did so by as much as ?10,000. ? 57 per cent of remortgaging borrowers were able to fund a home improvement by releasing equity in their home, while a further 37 per cent said they would use the extra capital to consolidate their debts. ? A small number of homeowners also said they planned to use the money to grow their property portfolio (four per cent) or help their children onto the property ladder (three per cent). ? At the other end of the spectrum nearly two thirds (63 per cent) of respondents were motivated by the potential cash savings on offer by remortgaging; of these, more than one in two (56 per cent) have achieved a monthly saving of up to ?500 and 6 per cent more than ?500. ? Speaking about the survey?s findings, Andy Knee, Chief Executive of LMS, said: ?Remortgaging homeowners are benefitting from some excellent rates from lenders with many eager to snap up a good deal, be it to reduce the monthly mortgage burden or free up capital to spend elsewhere. ? ?The Funding for Lending Scheme will help to increase competition in the remortgage market over the next few months and we expect to see many more homeowners seizing the opportunity to make, what is in many cases, a substantial monetary saving.?
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