“I think we’ve reached the bottom point for remortgaging,” he said to brokers, adding that there was an opportunity for brokers to educate their clients about why now was the right time to remortgage.
“House prices are up and down more regularly than Wayne Rooney’s trousers at the moment,” he joked.
“But seriously, as house prices fall, people’s equity in their homes will be going down. Brokers can call their clients and alert them to their changing LTV – for example, they might have been at 70% and they’re now at 75% and advising them to remortgage now while they can still get a good rate makes sense.”
He added that impending public sector job cuts will encourage some of those who still have their jobs to remortgage now rather than wait.
