Self builders should think about remortgaging early

One industry insider has claimed that anyone with an existing mortgage should look to remortgage "really early".

Kate Faulkner, managing director of Designs on Property, claims that the process was not something that people can do six weeks before they are due to remortgage.

"It is not something that you can do six weeks before you remortgage; it is something you need to be thinking about six or three months into," she said

However, almost a third of people say they would prefer to pay a higher rate with their existing mortgage lender rather than run the gauntlet and risk another lender rejecting them, research by Tickbox and Opinion Matters for Cheltenham & Gloucester has found.

The same study also revealed that 42 per cent of existing homeowners are concerned about the dearth of choice in the mortgage market at this moment in time.