Figures have shown a large rise of 7.19% in remortgages taken out last year.
This has come as a surprise to many with the interest rate rises making it more expensive to remortgage.
This increase is in part by people coming to the end of introductory deals, and borrowers looking to raise capital to pay off other more expensive debts such as credit cards and other unsecured loans.
While it is true you can reduce your monthly repayments, it does mean however in the long run you will be paying more interest.
There has also been a large increase in the average value of mortgages taken out with the figure up £18,884 bringing the average mortgage value to £166,732.
This reflects the increase in property prices and the higher prices first time buyers have to pay to get on the property ladder.
There have also been concerns expressed by the mortgage regulator that lenders need to monitor their lending criteria to ensure first time buyers in particular are not over stretching themselves to get on the property ladder.
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