What the heck are REMORTGAGES??

Repayments for fixed-rate mortgages have increased by around £68 a month, it has been reported.

The Bank of England found that the 1.4 million households coming off such a mortgage deal in 2008 were subject to this 10 per cent increase.

And 80 per cent of people with mortgages think their homes have dropped in value over the past 12 months, the report by the Bank shows.

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Meanwhile, 4 per cent of mortgages are now in negative equity, although this figure looks set to increase.

Available monthly income has declined by £100, according to 30 per cent of households questioned.

The report notes: "Around 40 per cent of mortgagors reported that they owed more than £90,000 and almost 15 per cent said they owed more than £150,000."

Furthermore, one per cent of those surveyed claim that they will consider a property remortgage in order to cope with bills and credit commitments.

In related news, uSwitch.com recently claimed that three million Brits on tracker mortgages could see themselves with an extra £260 a month because of the latest interest rate cut.

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