11 Jul

Fewer investors reviewing mortgages twice a year, poll shows

Fewer investors reviewing mortgages twice a year, poll shows

The results of a survey have shown that the number of investors who review their mortgage options at least every six months has fallen.

According to the Young Index results for the second quarter of 2009, 24 per cent of people claim they review their mortgage twice a year, compared to 82 per cent at the same time in 2008.

Furthermore, 32 per cent now evaluate their mortgages less than once a year and 99 per cent intent to retain their residential property investments for the next 12 months.

Neil Young, chief executive officer of Young Group, believes that the base rate of interest is affecting people's decisions.

"Arguably, now is the time to be paying more attention to the mortgage market to avoid the risk of losing out when base rate inevitably rises in the future," he explains.

At the end of last month, Hometrack reported that the average residential property in the UK costs £155,600, which is no change to the average prices recorded for April and May.
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