Market research 'makes remortgaging worthwhile'

Mform.co.uk has said that remortgaging is an option that should be considered even by borrowers on "relatively modest loans".

The online mortgage company points to the fact that almost a third of borrowers have not changed mortgage deals for over a decade as evidence of the fact that many could be paying much less.

The older generations are more likely to have stuck with the same deal, mform has noted, with 47 per cent of 45 to 54-year-olds having stayed on the same deal for ten years or more.

"The Bank of England base rate was 7.25 per cent in November 1997 so mortgage customers who've been with the same lender for 10 years or more might think they are doing comparatively well with the base rate at 5.75 per cent now," said mform.co.uk marketing and business development director Francis Ghiloni.

"That though ignores the fact that there are a wide range of deals which will reduce monthly mortgage payments considerably even on relatively modest loans," Mr Ghiloni added.

The base rate is currently at a six-year high after the Bank of England raised rates five times between August 2006 and July of this year.

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