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14% miss out on remortgage deals

14% miss out on remortgage deals

Up to one in seven homeowners trying to remortgage in the past two years have failed to secure another deal, according to the Nottingham Building Society.

The study found that missing out on a deal with their existing lender or a new lender meant higher monthly costs for 26% of those who could not remortgage, with 8% seeing a substantial rise in payments.

Ian Gibbons, Senior Mortgage Brokering Manager for Nottingham Mortgage Services, said it was a good time to remortgage as rates had remained low, but he pointed out that it is not always simple.

“With more than a quarter of those who have tried to remortgage in the past two years not being able to secure a new deal it is clear that homeowners need to think carefully and research the market,” said Ian.

“People’s circumstances change and seeking help from a broker to get an independent view on the best deal available to a customer is a very sensible approach.” 


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