|
27 Nov 07 - Homeowners Keep Mortgage For Decade
Nearly a third of homeowners have kept the current deal
on their mortgage for 10 or more years, a new survey shows.
According to online mortgage firm mform.co.uk, around 29%
of people have not remortgaged for 10 years, while half
had their current deal for at least five years. But it was
also revealed 32% of homeowners have had their current mortgage
for less than two years.
The firm said the figures show the divide between people
who shop around for the most competitive rate and those
who stay put. The group said people who have had a deal
for more than five years should consider remortgaging, as
anyone whose initial rate, such as fixed or discount deals,
had run out was likely to be paying a standard variable
rate of around 7.51%.
Mform.co.uk warned people who were remortgaging to focus
on the true cost of a deal and not just headline rates.
It said some rates were under 5%, but came with fees that
could be as high as £2,500 for a £150,000 loan.
Francis Ghiloni, the group's marketing and business development
director, said: "People put off remortgaging by the
potential cost can reassure themselves the move will be
worthwhile by thoroughly researching the market before they
move."
Source: mform.co.uk
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
|
