Remortgaging becoming more popular

Ray Boulger, senior technical manager at a UK mortgage broker, says that the average mortgage now only has a lifetime of three and a half years.
"The reason it is so low is that a lot of people do remortgage frequently," he explained
"Ideally about three months before they reach the end, they need to think about either remortgaging or taking a product transfer with their existing lender. Its good to consider both options."
And there are a variety of reasons why people decide to remortgage.
"Quite a lot of people want to increase their borrowing, and quite a lot of people do when they come to the end of a deal to consolidate some debts, or to do some home improvements, or even to buy a car."
In November of this year, the Council of Mortgage Lenders reported that remortgaging and other lending remained buoyant in September. At £11.1 billion, remortgaging was higher than in August (£11 billion) and in September last year (£10 billion).

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