There are still very good mortgages on offer
Earlier this week, it was revealed by unbiased.co.uk that many people in the UK are now looking to remortgage their home, with the website saying that 35 per cent of all searches for mortgage advice were now coming from those looking to do so.
This figure was five per cent higher than it was both in the same month last year, and in April, and shows that there is a growing need to remortgage, especially with lenders continuing to keep mortgage rates high for those looking to borrow to buy UK property.
However, one expert has said that now is not the time to rush, advising those who are looking to remortgage to take the time out to shop around in order to find a better deal on their finance rather than just rushing, as there are still good products that exist out there for homeowners.
Catherine Hearnden, director at MyMortgageDirect, said that it is important to try to stop yourself from just diving into taking on finance, especially if you do not need to.
"You don't have to rush into anything. I think that there is time to take your time on it. Having said that, there are some very good deals out there and it is definitely worth looking.
"It has been made a little bit easier; the loan-to-values have increased, so there are not as many people stuck on their standard variable rate as there were."
She also said that there is a reason why there are now so many people looking to remortgage when it might not have been the case even in recent months. Ms Hearnden stated that the fact that people have been expecting interest rates to rise is always likely to see more people trying to remortgage before the time when the rates do go up in order to try to save themselves some money.
"I think we are back to that opinion now as well, but there was a little blip where it was suggested that they might rise sooner than we thought."
Posted at 04:52 14/06/2012