Remortgaging set to increase in September

Around 90,000 Britons will spend almost seven hours each looking for a remortgage deal next month, Abbey Mortgages has reported.

The lender's research has revealed that September is the most popular month of the year for renewing policies, resulting in a total of over half a million hours being spent trying to find the best deal over the course of the month.

Industry figures have been warning for several months over the problems set to be faced by those whose fixed-rate deals come to an end this autumn, and Abbey is no different.

"Remortgaging might be a time-consuming process, but it's worth investing the time and effort so that you don't have to invest too much of your hard earned cash when your current mortgage deal comes to an end," noted Nici Audhlam-Gardiner, head of mortgages at Abbey.

"In particular, customers coming to the end of fixed-rate deals in the next month will find it hard to match their previous mortgage deal as rates have gone up – meaning good deals become even more important," Ms Audhlam-Gardiner continued.

Chancellor Alistair Darling recently suggested that lenders should introduce more long-term fixed-rate deals in order to avoid the problems likely to be experienced this month.


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