Remortgage News - September 05
August |
For your convenience we have sourced a number of remortgage & mortgage related news stories available on the web. All articles included on this page belong to their respective owners and are appropriately referenced.
More OAPs pay the mortgage
www.yourmortgage.co.uk - More than half-a-million people are still paying off their mortgages after retirement, according to a report from retirement finance company Economic Lifestyle (EL).
For many a debt-free retirement is just a dream, with a substantial number living below the poverty line and scrimping on basics like food and heating.
"More people are being forced to pay off their mortgages beyond the State retirement age," said EL managing director Mark Neal. "Falling endowment payouts have led to a shortfall for many of them.
"Even those retiring early often have to pay mortgage instalments out of their company pensions."
New Remortgage deals unveiled by Abbey
Abbey has unveiled a new mortgage option, aimed at encouraging consumers who are looking to remortgage their house.
The two-year fixed and tracker deals will help to cut remortgaging fees by around £200 per homeowner and is expected to be popular with those currently finishing off on their old low rate deals.
According to Abbey, a large number of homeowners found low rate offers to see them through from 2003 but will now be looking for a new competitive option.
Lal Tawney, Abbey's head of mortgage marketing, explained that remortgaging was an option for most homeowners and urged them to consider it.
Remortgaging could save the UK £12bn
MyFinances.co.uk - Remortgaging to a cheaper deal could save homeowners in the UK £12 billion over two years.
That is the finding of price comparison website moneysupermarket.com, in a new study released today.
Overall the website reveals that one lender in two charges a standard mortgage rate more than two per cent higher than the basic rate of borrowing in the UK.
"It is incredible that over half of all mortgage lenders are charging borrowers a full two per cent more on their SVR [standard variable rate] than the current base rate,” said Louise Cuming, head of mortgages at moneysupermarket.
“Lenders rely on borrower apathy, enticing them in with competitive introductory deals and relying on them to stay put once the deal is over. I urge the quarter of borrowers who are paying the SVR to consider remortgaging to one of hundreds of competitive deals on the wider market or face wasting thousands of pounds in interest over the next year alone."
Abbey makes Remortgaging better
Easier.co.uk - In the summer and early autumn of 2003, mortgage rates reached their lowest for decades and homeowners rushed to take advantage of the cheap fixed rate and discount deals on offer.
Abbey estimates that thousands of borrowers are now coming off these two-year deals and will be shopping around again. It has cut the cost of a range of mortgage deals, some of which are exclusively for those remortgaging to Abbey.