Remortgaging increase by small business owners.

There has been an increase in the number of small business owners who are remortgaging their home as a means of keeping their business afloat.

Recent research by MORE TH>N Business has revealed that owners of smaller businesses are going to great lengths to protect their staff from redundancy. According to the research as many as 1 in 10 are remortgaging to try to free up funds to retain staff and pay wages.

In a desperate attempt to keep their business going and avoid redundancies some company owners are prepared to go to great lengths for their employees. In addition to remortgaging, around 35 % of small business owners questioned admitted to taking large pay cuts to ensure their workers are paid.

Of those who have been prepared to reduce earnings to continue to employ workers, 60 % advise they have been doing so for more that a year and 17 % advise it is likely to continue indefinitely.

Janet Connor who is the Managing Director of MORE TH>N commented on the research saying that it is very unfortunate that smaller scale employers have had to remortgage their homes, however it shows how far they are willing to go for the sake of their employees.

If you are looking at remortgaging for whatever reason, contact Deal Direct and we will source for you the most competitive deal on offer to suit your personal circumstance.