Remortgagors eye advice - Mortgages - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Remortgagors eye advice

Remortgagors eye advice

Category: Mortgages

Updated: 12/04/2012
First Published: 12/04/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
In a month when first time buyers made the headlines, the number of re-mortgagors looking for professional advice hit an all time high.

Re-mortgage enquiries soared in March, accounting for almost four in ten (37%) searches to find professional financial advice, research by unbiased.co.uk has found.

This compares with 33% in February and 31% in March last year.

Karen Barrett, chief executive of unbiased.co.uk, said the figures indicated that borrowers who are worried about lending criteria are now taking the opportunity to ensure they can obtain the best rate before it becomes harder to switch to a better deal.

Fears were raised last week when the Financial Services Consumer Panel warned that borrowers could find it harder to re-mortgage once new rules from the Financial Services Authority's (FSA) Mortgage Market Review come into play next year.

"The FSA is moving to clamp down on irresponsible lending but their proposals, published at the end of last year, will affect millions of existing home-owners who are looking to obtain a better rate when their current deal ends ," added Ms Barrett.

Last week, The Co-op became the latest bank to push up mortgage payments joining the Bank of Ireland, Halifax, Clydesdale and Yorkshire banks in raising its standard variable rate , with the likelihood that others could soon follow suit.

Consumers are being warned that the new rules and banks restricting interest only lending mean it is more important than ever to shop around for the best mortgage deal.

The data also shows that first time buyers were keen to seek professional advice in March, possibly to beat the end of the stamp duty holiday. Some 37% of searches concentrated in this area of mortgages, while buy-to-let and residential mortgage advice was also highly sought after.

Find the best mortgage for your first home - Compare first time buyer mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.
 
Close