Money News
14th August 2008
Remortgagers 'expect arranging loans to take longer'
Homeowners looking to remortgage anticipate spending more time researching the deals available and expect to be hit with higher rates when they choose one, it has been revealed.
In a poll conducted by Nationwide, 56 per cent of respondents said that it was more likely they would scour the market for the best deal than they were at this time last year.
Meanwhile, in a sign of the growing awareness of the impact of the credit crunch on interest rates, 25 per cent of the sample said they were expecting to pay their lenders' standard variable (SVR) rate for longer than they have in the past.
Martyn Dyson, head of mortgages at Nationwide, said: "It's more important than ever for borrowers to shop around for the best mortgage deal overall and not just settle for the cheapest headline rate.
"Borrowers should consider the overall combination of headline rate, fee and the lenders' SVR."
The poll also discovered that the popularity of fixed rate offerings is growing in the face of the crunch, with 44 per cent of the respondents saying they would be more likely to choose a fix than last year.
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