UK Money News
7th December 2007
Remortgaging 'increasing in popularity'
Remortgaging is becoming more popular with Britons over the past few years, with consumers urged to consider both remortgaging or transferring with their existing lender before their existing deal expires.
According to a spokesperson for independent mortgage adviser Charcol, remortgaging is now "very popular" with British homeowners and the average life of a mortgage has now dropped to just three and a half years.
Ray Boulger, senior technical manager for the independent mortgage adviser, claims that "the most important thing is to make sure the new mortgage you take out is affordable", with lenders sometimes offering good deals to existing customers, such as retention products.
"Quite a lot of people want to increase their borrowing, and quite a lot of people do when they come to the end of a deal to consolidate some debts, or to do some home improvements, or even to buy a car," he said. The fees won't be significantly different whether you stay with the lender you're with or whether you remortgage."
The Council of Mortgage Lenders (CML) reported last month that remortgaging and other lending remained buoyant in September 2007 at £11.1 billion, £1.1 billion higher than the total for September 2006. Homeowners should compare mortgages a few months before their current deal expires.
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