Remortgagers warned not to delay
February 8, 2008
Consumers that are looking to remortgage to a cheaper, more affordable mortgage deal are being warned not to delay because cheap mortgages are flying off the shelves and selling out at record speeds, according to a recent report. Some of the top mortgages are selling out at very short notice, and experts state that in some cases remortgagers who have signed up to a deal and even paid application fees have lost out because the mortgage has sold out during the process and the remortgager has then had to sign up to a higher rate deal.
A recent investigation by Mortgage Adviser indicated that in many cases lenders were putting out headline rate mortgages just for a limited period, or in some cases were withdrawing the offers at very short notice. The Halifax was given as one example, after it brought out a tracker mortgage at 0.11% below the base rate a couple of weeks ago but then took the deal off the market within two days, stating that some of their deals were only available for a very limited period by way of explanation.
A number of other lenders have now done the same thing, by introducing low rate deals and then whipping them off the market with next to no notice, leaving those that had applied for the deal to sign up to a more expensive one. Some of these lenders have claimed that they can only put these offers out for a limited period, whereas others have said that the high demand for the mortgages have resulted in them selling out quickly.
In light of this experts are stating that those looking to remortgage should act quickly when they see a headline rate, and avoid dithering and delaying otherwise they could lose out altogether.
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