Remortgaging not a short-term venture, expert warns
Published: 10-Dec-2008
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Landlords using property software should think about remortgaging sooner rather than later, an expert has warned.
Kate Faulkner, managing director of Designs on Property, commented that following the effects of the economic downturn on the residential lettings market and the wider economy, increases in mortgage costs have been "pretty horrendous".
However, property owners looking to remortgage must get on to the process long before their current deal ends, she suggested.
"It's not something that you can do six weeks before you remortgage, Ms Faulkner said.
The effect of recession on UK property prices and interest rate cuts from the Bank of England might lead to improved mortgage finance in the near future.
According to research by Tickbox and Opinion Matters fro Cheltenham & Gloucester, published in September, some 42 per cent of homeowners were concerned about the lack of choice available in the mortgage market.
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