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Homeowners spend more than £40bn on home improvements

According to the NAEA Propertymark, over the past five years, British homeowners have spent £41bn on home improvements. The research from NAEA Propertymark also found that 1 in 10 homeowners carried out improvements because the cost of moving was too high. And, a quarter thought that home improvements would be a good investment and increase the value of their property*.

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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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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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ARCHIVE: Homeowners could save over £2,500 by switching mortgage deal

According to latest figures by L&C Mortgages, many homeowners could be paying too much on their mortgage because they are not on the most suitable deal for them. In fact, their research shows that, by switching a mortgage deal, people could save over £2,500 a year. The research found that four million homeowners were on the standard variable rate which can be a more expensive rate to be on. This was reported on the What Mortgage Website during March*.

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