UK Money News
9th April 2008
Tips to beat the mortgage freeze
A consumer credit agency has issued tips to homeowners to help them beat conditions in the mortgage market.
According to recent estimates some 1.4 million Britons coming to the end of their fixed rate mortgages will be looking to re-mortgage this year.
Analysts predict that this will leave them facing a significantly higher repayment bill, due to recent moves on the part of lenders' to raise rates.
However, consumers can boost their chances of securing a favourable deal by making sure their credit rating is in "tip-top condition", according to Experian.
This can be achieved by taking simple steps such as closing credit cards that are no longer in use, ensuring that you are registered on the electoral roll at your current address and making sure past debts and arrears are paid off, the company said.
James Jones, consumer education manager at Experian, commented: "More than a million people will be coming to the end of fixed-rate mortgage deals this year and Experian is already seeing increasing numbers of people checking their own credit report before applying for credit.
"Quite understandably, consumers are taking much more interest in their credit status."
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