People in the UK are focusing on their finances with more than one in 10 planning to remortgage, pay-off or make over payments to their mortgage in the next 12 months.
The figures from Clydesdale Bank show that people in the Midlands are most likely to review their arrangements with 17% planning to remortgage, make over payments or pay-off their mortgage compared to 6% in the North East.
The full figures by area and percentage planning to remortgage, pay-off or make over payments to their mortgage in 2012 are:
- Midlands 17%
- Yorkshire 16%
- South West 15%
- South East 15%
- Scotland 15%
- London 12%
- North West 10%
- East 9%
- Wales 7%
- North East 6%
The research also revealed that 51% are planning to stay in their current property for the next 12 months, just under a quarter said that nothing would encourage them to move, and 30% would only move if absolutely necessary, such as for a growing family or change of job. Almost a quarter (24%) plan to improve or extend their property over the next year.
Steve Reid, Retail Director for Clydesdale Bank, said:
People often only think about changing mortgage when they move but even those that are very settled in their current home can remortgage to ensure they have the best mortgage for their needs.
Meanwhile, Quick Move Now has been comparing Cash Buyer vs Mortgage Buyer figures, showing the trend have remained fairly static since the end of 2010, with only a very slight increase in the average proportion of cash buyers (31.81%) in relation to those buying with mortgages (68.19%).
Quick Move Now market analyst Donna Houguez, says;
Contrary to the popular belief that the majority of property sales are taking place to a cash buyer in today’s market, our figures show that the proportion of cash buyers has not significantly increased since 2010 in relation to mortgaged buyers. We believe the primary cause for this is that cash buyers are choosing wisely and only purchasing those properties where there is a possibility of a significant return on investment.