29 May

Remortgaging 'is all about timing'

Remortgaging 'is all about timing'

A financial expert has issued homeowners advice about the best times to consider remortgaging their properties.

Indeed, now could be the right time to act, according to Peter O'Donovan, head of mortgages at independent financial adviser Bestinvest.

Waiting too long to see how the market develops could be a risky move, he explained.

"My preference would be for security; [change to a fixed-rate deal] now so you know that you've got it and you don't have to worry about it, rather than sitting there looking at the market," Mr O'Donovan advised.

His comments come after the British Bankers' Association reported this week that net mortgage lending by UK banks totalled £2.7 billion in April 2009. This was down £0.7 billion on figures from the March.

Earlier this month, the Council of Mortgage Lenders indicated that 40,000 remortgages were taken out in March 2009 - a figure eight per cent higher than the previous month.
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