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Brits "remortgage frequently"

A growing number of British people are choosing to remortgage their property on a fairly regular basis, an expert has stated.

Ray Boulger, senior technical manager at broker firm John Charcol, said that remortgaging has become "very popular" among UK homeowners in recent years, with the average mortgage now lasting for less than four years.

According to Mr Boulger, the reasons for remortgaging are numerous, with many people choosing this option in order to access extra funds for home improvements and debt consolidation.

He stated: "A lot of people do remortgage frequently.

"For the vast majority of people who are approaching the end of their deal - ideally about three months before they reach the end - they need to think about either remortgaging or taking a product transfer with their existing lender."

Mr Boulger also advised homeowners to compare different home loans carefully, including the various rates and fees, before proceeding with a remortgage.

The average arrangement fee for a mortgage in the UK is now £827, Moneyfacts.co.uk reported recently. Personal loans can offer another way for homeowners to increase their borrowing capacity.

See how much you could borrow with a home loan from Lombard Direct.

© Adfero Ltd

04/12/2007 16:52:11

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