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| Remortgage |
Times
are hard these days and taking family holidays either here in the UK, and
especially in the Eurozone, come at a high price; and if you have to wait until
the school summer holidays then the cost of your family holiday more than
doubles, and a friend jokingly mentioned to me the other day that the cost of
their holiday made him contemplate taking out a remortgage!
He
was joking of course, and he is one of the lucky ones who works hard and earns
good money, but for every one like him there are several who really do need to
remortgage for one reason or another.
When
you consider how many people bought their properties at the height of the boom,
and those properties are now worth less than, or about the same as when they
were purchased, then you may appreciate that they will be unable to sell said
properties, so what happens in practice is that the owners will remortgage deals.
to extent the premises, turn a loft into a bedroom and generally enhance their
house until the good times return again.
And
return they will because the property ladder has ever had its ups and downs,
but in general the ups have taken rising property prices to new heights whilst
the downs rarely go down to the point where the rise started, and when there is
a rising property market there is far less need for a remortgage.
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