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Look to remortgage in advance

March 7, 2008 by admin  
Filed under News, News-Mortgages

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With conditions within the financial markets currently volatile, one expert has suggested that homeowners looking to remortgage ought to review their options months before their existing deal runs out.

Ray Boulger of John Charcol said that lenders are choosing to change their mortgage rates “increasingly quickly” and most new rates tend to be “higher than the ones they replace”.

The expert advised borrowers wanting to remortgage to “investigate their options as much as six or seven months before their current deal ends, because some mortgage offers are valid for six months, although others only last three months”.

Mr Boulger also suggested that people seeking to buy a new home ought to speak to a broker first to find out what mortgages are currently available, given increasingly tighter lending criteria.

Commenting on the decision taken by the Bank of England to keep the base rate of interest at 5.25 per cent, David Kuo, head of personal finance at Fool.co.uk, said that the news will be “disappointing” for homeowners.

Tags: interest, homeowners, advance, finance, remortgage, tighter lending, head, decision

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