After two rapid increases in interest rates, ten million Britons are intending to remortgage from now to February 2007.
Recent research from Egg shows that most homeowners wish to change to a fixed rate mortgage in the following three months.
60% of respondents stated that they would like a fixed rate mortgage, with variable rate mortgages being the second most popular (12%), followed by discount rate mortgages (8%) and, last but not least, tracker rate mortgages (6%).
The average two year fixed rate deal charges 5.48% , with the average interest rate for a two year discounted rate mortgage being 5.16%. Hence, there are great benefits to be had getting the right deal.
A cheap deal can save you thousands of pounds. There are thousands of mortgages to select from, with the market being extremely competitive. Thus it benefits people to scout around for the optimum deal.
Say you are looking to take out a £200,000 mortgage , on a two year fixed rate deal (4.74%), instead of the average two year fixed rate mortgage, you could decrease your interest repayments by £1,479.96 p.a. for the initial two years.
In terms of the regions, London has the biggest number of people seeking to alter their mortgage deal . 28% of Londoners wish to get a new mortgage in the next three months, with Scots being the second most likely to remortgage (26%).
Those who live in East Anglia, the South-east as well as the North West follow in terms of wishing to alter their mortgage deal (23%). 19% of Midlanders as well as 19% of those living of the south-west and Wales plan to remortgage.
Those least likely to remortgage are those in the North East, Yorkshire as well as the Humber, where 17% of people are considering changing mortgage lender .
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