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Remortgages on the rise

Wed, 28 May 2008

The proportion of mortgage business represented by people remortgaging is still on the increase, new figures show.

A study by the Intermediary Mortgage Lenders Association (IMLA) found that almost half of all business dealt with by its members in the first quarter of 2008 was accounted for by people looking for a remortgage .

It also found that brokers expect the number of people searching for a remortgage to be higher or much higher over the next quarter.

Peter Williams, executive director of the IMLA, said: "With home-buying activity currently depressed and many fixed rate and discounted deals up for renewal, there has been an increase in remortgaging business."

Brokers should work together with mortgage lenders to help customers find the right deal to them, he added.

Yesterday, writing for the Guardian, Rupert Jones suggested that people might be able to find a better mortgage deal if they go to a bank direct.

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