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&#3923% of people are set to remortgage&#39

Fierce competition is shaking up the mortgage market and almost one

in four UK borrowers are considering switching their loan in the next

12 months, says lender Alliance & Leicester.

Its latest quarterly moving-improving index of 2,000 adults aims to

gauge how people feel about their current mortgage. It found that 23

per cent are thinking of remortgaging in the next year.

A&L says this result comes at a time when many commentators are

suggesting that homeowners should review their mortgage deals as

fixed and discount offers are at their lowest level in years.

Across the UK, 8 per cent of mortgage holders definitely plan to

change their mortgage in the next 12 months.

Of those planning to make this move, 14 per cent are looking for a

better rate, 23 per cent are taking out a new loan to move home and 8

per cent cited dissatisfaction with the service of their current

mortgage lender as the motivating factor.

The survey says that, in the wake of last year&#39s warning to endowment

policy mortgage holders, 5 per cent of those switching mortgages were

doing so to change their endowment mortgage to a repayment loan.

Twenty-seven per cent of males compared with 20 per cent of females

say they will either definitely or possibly do so within the next 12


A&L head of mortgages Paul Cooper says: “The inc-reased competition

we are seeing in the mortgage market is great news for those thinking

of buying and those thinking of shopping around for a better deal.”


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