Remortgaging 'keeps the market buoyant'

During a period of financial turbulence, the mortgage market is still buoyant as plenty of borrowers are looking to remortgage, according to Best invest.

But despite the remortgage market seeing plenty of business it is still harder and more expensive to remortgage your house, Peter O'Donovan, mortgage manager for Best invest claimed.

"I still think things are pretty buoyant because there's plenty of remortgage business which is now getting even harder because of the fees that the lenders charge," he said.

"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.

While there are plenty of people looking to buy a house, the cost of doing so and making sure they can afford a mortgage must be considered so they "understand exactly what it is they are entering into," he added.

According to the Council of Mortgage Lenders (CML), the credit crunch has resulted in funding difficulties for lenders resulting in repricing and tightened lending conditions.

Source:
http://www.introducertoday.co.uk/News/Story/?storyid=18440970&title=
Remortgaging_'keeps_the_market_buoyant'&type=news_feed