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Market "buoyant" on back of remortgage demand
Thu 24 Jan 2008 3pm
The large number of people choosing to remortgage their houses means that the UK home loan market is still in relatively good health, an expert has claimed.Peter O'Donovan, mortgage manager at financial advice firm Bestinvest, said that the strong demand for remortgages is keeping the sector "pretty buoyant", despite tightening conditions in the wider economy.
However, he also warned homeowners that remortgaging is becoming increasingly expensive because lenders are pushing their fees up and suggested that people seek advice before switching their home loan to another provider.
"A couple of years ago it was very easy to just swap one across for a couple of hundred pounds, whereas now the average fee is a thousand pounds, so it is very important that you know what you're doing," Mr O'Donovan explained.
He added that both remortgagers and new homebuyers should make sure they "understand exactly what it is they are entering into" before making any financial commitment.
A recent study by Abbey claimed that property owners could be wasting £5 each day by choosing an unsuitable mortgage.
