Remortgaging has become so popular of late that the average life of a mortgage is now only three and a half years, reported a spokesman for mortgage adviser Charcol.
The Council of Mortgage Lenders reported that for November, remortgaging deals totalled £11.1 billion, higher than August and September of last year.
Before a homeowner decides to make the switch however, he or she should always consider whether transferring with the existing lender may be more profitable.
"The most important thing is to make sure the new mortgage you take out is affordable," said Ray Boulger, senior technical manager for John Charcol.
"Some lenders, for example, offer the same product to their existing customers as they would to their new customers whereas others offer retention products, which essentially is a euphemism for less good products," he said.
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