Remortgage to afford holiday home, report finds

18 September 2006
Homeowners in the UK who choose to remortgage could find they save enough money within just two years to be able to afford a deposit on a holiday property.

So finds research carried out by New Skys, which calculated that people who take action and remortgage could save up to £3,700 on their repayments.

The study was conducted on the basis of a mortgage with a variable rate of 6.75 per cent on a loan of £107,000 being moved to a fixed of tracker mortgage at a rate of 4.99 per cent or less.

While remortgaging has in the past been viewed as a long and complicated process, experts point out that the industry has progressed and arranging a new rate can be a simple process.

Managing director of Quantum Mortgage Brokers Jonathan Burridge said: "With the technological advances in the mortgage industry in the last few years it is now possible to have your new mortgage offer, be it on standard terms, self-certification or buy-to-let, agreed almost instantaneously."

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