Plan remortgages 'well ahead of time'

Date:Wednesday 10th December 2008
Author: Max Freedman

Landlords looking to remortgage should get ready to do so after three to six months.

This is the advice of Kate Faulkner, managing director of Designs on Property.

Noting that mortgage costs increases are "pretty horrendous", she said that seeking a remortgage must be started "really early".

She also recommended that landlords obtain valuations of their properties as early as possible.

"You need to know how much more money you are going to have to give now rather than later on," she stated.

According to research carried out for Cheltenham & Gloucester, published in September, 32 per cent of people would opt to stay with their current mortgage lender with a higher rate than risk being rejected by another.

The survey, conducted by Tickbox and Opinion Matters, also revealed that 42 per cent of homeowners are concerned about the lack of choice within the mortgage market.

Recent figures form the Council of Mortgage Lenders have shown that while 41,000 home loans were approved in August, this dropped to 35,000 in September.