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Remortgages help boost market

Thu, 24 Jan 2008

The mortgage market is still "pretty buoyant", largely because of the number of people trying to find a remortgage, one expert believes.

Peter O'Donovan, mortgage manager for Bestinvest said that there was "plenty remortgage business" and that this was helping to boost the market.

However, he warned anyone trying to find a remortgage deal that the fees associated with them were on the increase so it was "very important" that people knew what they were doing.

Mr O'Donovan added that there were still "plenty of people" looking for houses to buy.

Research by the Council of Mortgage Lenders recently found that many people were unsure which product to choose when trying to find a mortgage .

It also found that there seemed to be an untapped demand for so-called long-term fixed rate mortgages .

In the survey long-term fixed rate mortgages were defined as being fixed for more than ten years.
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