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ARCHIVE: £35 billion worth of houses ready to remortgage by the end of October

Latest research by consumer data company, CACI shows that there are a large number of deals coming to the end of their fixed term this Autumn. And this means that, over the next couple of months, they are predicting a “remortgage frenzy”. This was reported on the Your Mortgage website.

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ARCHIVE: Not switching mortgage provider could cost you

According to Citizens Advice, being loyal to your mortgage provider could cost you over £400 a year. The charity found that, those who didn’t switch mortgage provider and stayed on their current lender’s standard variable rate faced an average loyalty penalty of £439 a year*. Their research also found that, First Time Buyers, who typically have more debt and more time left on their mortgage, paid an extra £1,359 a year when their fixed deals expired.

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ARCHIVE: Mortgage lending remains strong

Latest figures from the Bank of England have showed that mortgage lending during recent months has remained robust. In fact, during May, mortgage lending was £3.5 billion which is slightly higher than its recent average. The figures show that the number of mortgage approvals for house purchases was pretty much static at 65,502. However, growth has come from the remortgage market with approvals increasing slightly to 42,955*.

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Archived: Potentially save by remortgaging to a new deal

Latest research by the Moneyfacts UK Mortgage Trends Treasury Report* shows that borrowers could save £2,000 a year by remortgaging to a new deal rather than reverting to the Standard Variable Rate. Their figures show that the average cost of a two year fixed rate mortgage currently stands at 2.3% compared to the average Standard Variable Rate of 4.59%.

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