Data recently published by the Council of Mortgage Lenders (now part of UK Finance) says that remortgaging was at record levels during 2017 and in October alone 41,000 borrowers found a new mortgage deal. This trend is set to continue into 2018.
So what does this mean? It could indicate that more people are not moving house. But these figures could also indicate that people are more aware that a mortgage doesn’t have to stay the same from the time you take it out, to the time you move or pay off the mortgage.
Having a mortgage review every 2 years gives mortgage borrowers peace of mind that they are not paying too much for their mortgage. On the other hand, a review could show that money could be saved by remortgaging.
Your home may be repossessed if you do not keep up repayments on the mortgage.
At Four Oaks Financial Services, our initial consultation is at our cost and we can quickly establish whether it is worth you considering switching your mortgage. Contact your qualified Adviser or our Client Liaison Team to make an appointment.