What the heck are REMORTGAGES??

Commercial mortgage and home mortgage customers looking for a new loan should move quickly in the current financial climate, new analysis has indicated.

According to independent property experts Designs on Property, recent increases in the cost of mortgages mean that customers should start looking for a new deal "really early".

The loans market has been affected recently by the credit crunch, which has led to a 50 per cent contraction in the market over the past year according to the Council of Mortgage Lenders (CML).

This increases the impetus behind mortgage holders taking the initiative, Kate Faulkner, managing director of Designs on Property, said.

"If you are going to remortgage you must get on to this really early," she commented.

"It's not something that you can do six weeks before you remortgage; it is something you need to be thinking about six or three months into… you [could] get a professional valuation of your property as soon as possible just in case you have to remortgage and you are asked for more money."

Figures from the CML show that, over the three months to September, there were 11.69 million outstanding mortgages in the UK.

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