Stephen Smith, director of housing and marketing at Legal and General, said: "Remortgaging is a significant part of the housing market. If homeowners don’t review their mortgage arrangements they risk missing the opportunity to reduce the cost of owning their home. They may be confused by the huge range of mortgage deals available or not understand how relatively simple a switch of mortgage can be. This underlines the importance of seeking advice from a professional mortgage adviser."
The survey also shows that only 37 per cent of homeowners now believe house prices will rise in 2002 compared to 63 per cent who held this view in June. However, the number of homeowners who believe that interest rates will rise has fallen from 41 per cent in June to 34 per cent now.
Fewer homeowners say they plan to move in 2002, according to the survey. IN June, 16 per cent said they planned to move within the next 12 months. That figure has now fallen to just 11 per cent.
Smith added: "Economic considerations, in particularly job security may persuade more homeowners to consolidate their position rather than move home and take on new responsibilities in uncertain times. This is just the time they should be reviewing their mortgage arrangements to see if they have the best deal for their circumstances."
