11 Nov

Rise in homeowners looking to move their mortgage, report says

Rise in homeowners looking to move their mortgage, report says

There has been a rise in the number of people who previously bought houses for sale in the UK looking to change their mortgage.

Earlier this week, John Charcol released its latest mortgage index, which revealed that the number of borrowers enquiring about remortgaging rose by 42 per cent in October 2010, compared with the previous month.

This comes despite the number of enquiries concerning borrowers who want to buy properties for sale in Britain remaining "broadly the same".

Director of marketing at John Charcol Drew Wotherspoon said that there was a rise of remortgage enquiries from 600 in September to 855 the following month.

"This tells us that people are finally considering their options," it was said.

"With some excellent mortgages now available, it could well be precisely the right time for many to move their mortgage."

Earlier this week, Bob Riach from Riach Independent Financial Advisers said that people should "act now" and take advantage of Switch & Fix deals on their mortgages, so that they do not pay higher monthly payments if the base rate rises in the future. ADNFCR-1222-ID-800230987-ADNFCR

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