Remortgaging is on the rise as properties in Cumbria become more expensive in the face of soaring demand.
Pent-up demand for new homes has been released as lockdown restrictions have relaxed, forcing prices up across the UK.
The trend means that around one in 10 enquiries to The Cumberland, the region’s biggest lender, are about remortaging.
Paul Collins, head of product at The Cumberland, says incentives for buyers such as Stamp Duty reductions and government-backed 95 per cent mortgages have made the market increasingly competitive.
More people are also relocating to rural areas with larger houses and gardens, further driving up prices in locations such as Cumbria.
“The North West has been one the fastest growing regions consistently for the last year,” said Paul.
“We’re seeing market property values increasing as people are looking to find the right space for them.”
He says as a result once people buy a home they are often looking to remortgage when possible to keep their costs down.
“Other people are less able to move and so they will be looking to remortgage and stay in the property they’re in,” he said.
