Home Loans
Remortgage To Save Money - Homeowners Told
(presented by www.refinance-refinance.net - mortgage lenders)
By Michael Eccles
Homeowners are being urged to remortgage their property by switching to ‘near-best’ mortgages to save money this Christmas.
Borrowers who move their mortgage to a cheaper product could save hundreds or thousands of pounds, which is particularly useful at a time when interest rates have been rising, according to research by Moneyextra.
Applying for a ‘near-best’ mortgage could save homeowners 2,486.04 in a year, the study found.
This follows a report by Egg that found almost ten million Brits are considering remortgaging their property within the next three months because of interest rate increases in August and November.
“At this time of year, when consumers’ minds are turning to spending perhaps not wisely but all too well for Christmas, it’s more important than ever to make sure we’re getting value for money for our money,” said Moneyextra’s Robin Amlot.
Experts from website 50 Connect have advised homeowners to think about remortgaging their property while interest rates are still relatively low.
About five per cent of mortgage lending last year was to people who had a history of credit problems, according to research by the Council of Mortgage Lenders (CML).
The adverse credit market is second largest specialist sector after buy-to-let in the overall mortgage market, the CML has said.
Two-thirds of adverse credit mortgages are remortgages, the CML found.
“Remortgagors with adverse credit histories are unsurprisingly more likely to borrow more than their previous mortgage to consolidate other debts than their non-adverse counterparts,” the CML stated.
Bob Pannell, from the CML, commented: “There are many flavours of adverse credit mortgages to deal with the broad range of circumstances that people face. p>
“It
is a real testament to the dynamic and innovative nature of our market that UK lenders are able to offer an attractive range of mortgages to suit these different circumstances.”
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TML Mortgages provide remortgages and remortgage solutions for people with adverse credit, CCJs or other credit related problems. Self employed mortgages options are also available. |
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