subject: People Are Unusually Applying For Remortgages Over Xmas This Year. [print this page] Most years as December approaches, even in better times than the present, the home loan industry braces itself for a steep decline in business.
Many people seem not to be able to multi task and when it gets near Xmas that is the only thing that they can think of.
How it takes weeks and weeks to prepare a Christmas dinner and wrap a few presents always seems a mystery.
But then it takes many two years or more to organize a wedding and important though getting married may be, how preparations for an event that lasts a few hours can take years appears extremely bizarre.
Th mortgage, remortgage and homeowner loan approvals decreases steeply in the last month of the year.
Everything can wait until after Christmas and the New Year Christmas break.
An upsurge in business usually comes about a few days after everyone returns to work and every day life becomes normal again which happens around the 8th to 10th of January each year.
Lots of people spent more than they should at Christmas including spending their credit cards up to their credit limit.
Debt consolidation involves rolling all high interest credit cards, personal loans, hire purchase agreements, etc. into one and pays off all these debts either by a remortgage or a secured loan.
Both secured loans and remortgages accomplish the same thing, namely they cut down on financial outgoings thus saving money while at the same time making debts easier to handle.
Remortgages and secured loans are not only for the more serious aspects of life such as debt consolidation, but can be used for almost any purpose as long as it is legal.
However many mortgage lenders are unwilling to grant remortgages if the funds are to be used to invest in a business or to pay an Inland Revenue demand.
As there are so many mortgage lenders all with different underwriting criteria it is always wise to check if the purpose of your remortgage is among the list of the lenders exclusions.
Remortgages are also a great way to obtain additional funds for such things as homeimprovements car purchase, to buy a car, etc.
Some homeowners are only looking at remortgages as a way to leave their current mortgage lender to obtain a lower rate of interest than they have with their present lender.
However all this does not usually occur much during the month of December, and as Xmas approaches there is little demand for remortgages.
However this year homeowners are no longer prepared to delay considering remortgages until 2010, and Champion Finance has been experiencing a good demand for remortgages.
In fact Champion Finance has been extremely busy coping for the demand for remortgages right up until Christmas Eve., and in these few days between Christmas and New Year.
This remortgage upsurge is an unusual occurence but a very welcome one.
Hopefully this is a start of an improvement in the home loan market in general.
However in this credit crunch Champion are also expecting a demand for their debt advice services.
by: Liz Moir
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