More people will re-mortgage their properties over the next twelve months compared with the trend la...
More people will re-mortgage their properties over the next twelve months compared with the trend last year, according to the results of new research from Legal & General.
Called 'moving intentions', the research shows that 14% of people questioned had re-mortgaged in the last 12 months, but 17% are likely to re-mortgage in the next 12 months.
Sixty three per cent of homeowners now expect interest rates to rise over the next 12 months, which is a marked increase on the results from the last survey in October 2001 when only 34% of homeowners thought rates would rise.
Optimistically, the majority of homeowners have a positive outlook on the growth in the value of their home. Seventy three per cent now think its value will increase over the next 12 months compared with 37 per cent who held this view in October.
Nearly one in five people (19%) view their property purely as an investment with an additional 18% of people seeing it as not only a home but also an investment. While over 90% have taken out life cover purely to protect their mortgage, almost a quarter have no additional life cover over and above that taken out to protect their mortgage.
"These results point to a modest upswing in the level of remortgaging in the second half of 2002," says Stephen Smith, director of housing marketing at L&G. "Consumers are beginning to seek out the better deals. It's now not just a case of re-mortgaging once during the life of a mortgage - more and more people are realizing the benefits of reviewing their mortgage arrangements regularly".
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