Homeowners sit tight and speculate... but millions ignore remortgage savings
Nearly a quarter (23%) of UK homeowners have had their property valued without a definite intention to sell up, whilst over two thirds (68%) have made improvements specifically to increase the value of their property, but have yet to sell up, according to a survey* commissioned by IFA Promotion, the organisation promoting the benefits of independent financial advice.
The survey of over 1,000 homeowners also shows that one in eight (13%) have remortgaged to finance home improvements, and 2.5 million (8%) people have avoided making desired changes to their homes in case of damage to the propertys resale value. Only 9% say they have remortgaged to cut their monthly payments.
David Elms, Chief Executive of IFA Promotion, commented, Homeowners are increasingly viewing their home as an investment, keeping track of its value and finding ways to boost this through home improvements. But in spite of growing awareness, millions are still ignoring the huge amounts they could save simply by moving their mortgage to a cheaper deal.
To help homeowners consider their remortgage options, IFA Promotion has produced a free factsheet, addressing the following questions:
- Where do I find out which is the right mortgage for me?
- How to I go about remortgaging?
- Will the costs outweigh the benefits?
- Where do I turn for advice?
Elms concluded, Lenders are competing for borrowers business, but there is a vast array of products and providers to choose from. An IFA can help you review your current mortgage along with all your regular outgoings, find the cheapest mortgage for you, and take the hassle out of the process.
For a free copy of the factsheet, together with details of local independent financial advisers who can talk through your mortgage options in detail, call the IFA Promotion consumer hotline on 0800 085 3250 or visit www.unbiased.co.uk
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For further information, please contact:
IFA Promotion Lansons Communications
020 7833 3131 020 7294 3677
david@ifap.org.uk lizw@lansons.com / richardw@lansons.com
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotions Media Services hotline on 020 7294 3682 or search online in Media Services at www.unbiased.co.uk
1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents over 10,000 firms of independent financial advisers across the
IFA Promotion believes Independent financial advice should be:
Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumers choice, wherever they live in the
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial
Abbey | Mortgage Express |
AXA | National Savings & Investments |
Bright Grey | |
BUPA | Old Mutual Asset Managers |
Prudential | |
Childrens Mutual | Scottish Equitable Plc |
Clerical Medical Investment Group | Scottish Life |
Eagle Star | Scottish Mutual Assurance Plc |
Friends Provident | |
GE Life | Selestia |
GMAC Residential Funding | Standard Life Assurance Company |
INVESCO Fund Managers Ltd | Skandia UK Group |
Legal & General | Zurich Life Assurance Company |
London Mortgage Company |
* TNS surveyed 1294 GB adults aged 16+ who own a property outright / have a mortgage, 4-6th June and 11-13th June 2004