Remortgaging is ‘very popular’
December 6, 2007 by admin
Filed under News, News-Mortgages
Remortgaging has become ‘very popular’ in the last few years, according to a spokesperson for independent mortgage adviser Charcol. 
Ray Boulger, senior technical manager at John Charcol, said: “The average life of a mortgage now is only three and a half years. And the reason it is so low is that a lot of people do remortgage frequently.”
He advised that those who are considering remortgaging need to examine their arrangements approximately three months before they reach the end of their current deal.
The key consideration to look at when remortgaging is how much such a deal will cost over the entire duration of the mortgage period, said Mr Boulger.
“The most important thing is to make sure the new mortgage you take out is affordable,” he concluded.
In November of this year, the Council of Mortgage Lenders reported that remortgaging and other lending was at £11.1 billion in September.
This figure was higher than the £11 billion of lending in August and the £10 million in September of last year.
