5 Sep

Mortgage holders 'should be prepared to switch'

Mortgage holders 'should be prepared to switch'

Those with mortgages who will need to switch in the next year can still change providers and should not believe they will have no option but to remain with their current providers, it has been stated.

Marketing director at Cheltenham & Gloucester Building Society Stephen Noakes said a recent survey by the lender had found that a third of those who need to change within the next 12 months believe this is their only option.

He stated: "The concern there is that they may end up paying more for their new mortgage deal than they need to."

Although the number of mortgages on the market has fallen, he stated there are still 5,000 available and those who need to remortgage should "research the different options" to find the best deal they can.

Figures from the Council of Mortgage Lenders for August 2008 showed a total of 11.74 million mortgages outstanding in the UK.

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