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More mortgage holders find a remortgage, survey shows

Fri, 24 Feb 2006

Mortgage holders are increasingly planning to find a remortgage because they want to be saving money, new research suggests.

Three in four mortgage holders want to remortgage to a more competitive offer, according to a study by The Homebuyer Show.

This figure is ten per cent higher than that of 2005, according to the organisers of The Homebuyer Show, which claims to be the biggest event in the UK property market.

Remortgaging is becoming "increasingly common" among professional property investors and regular homeowners, comments The Homebuyer Show's managing director, Nick Clark.

He continues: "Increasing levels of debt have had a knock on effect on the industry, with owners realising they don't have to stick with their current provider once the initial special offer period has run out.

"By swapping to a more competitive mortgage deal homeowners can decrease their monthly repayments."

The savings made from remortgaging go directly back into the property of the majority of homeowners, The Homebuyer Show's survey shows.

Most remortgage customers who are saving money through having switched claim they use these funds to improve their home or to make more investments in property .

"Locking into a fixed-rate deal at a time when rates are historically low can also provide reassurance for the future," Mr Clark concludes.

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