Mortgages taking longer to sort

Posted: 05 Sep 2008 13:27:58 GMT

            Property News - Mortgages taking longer to sort

Landlords and homeowners coming to the end of their current mortgages should start considering new options at least three months in advance, it has been claimed.

According to lender Cheltenham & Gloucester (C&G), residential property owners need to think about their position in the market and the choices that will be open to them.

Stephen Noakes, marketing director of the company, explained: "There are a number of options which are available to [property owners] and the key encouragement is that they start early in that process.

"People can clearly walk up and down the high street and see the different deals that are available, they can go and speak to a mortgage broker and online is also a very good channel to do that."

Meanwhile, research from C&G published this month indicated that 32 per cent of people would prefer to pay a higher rate with their current provider than risk being rejected by another lender.

The survey also revealed that 42 per cent of residential property owners are concerned about the current lack of choice in the mortgage market.

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