Almost half (48 per cent) of all homeowners have switched lenders at some point, according to latest figures from the Council of Mortgage Lenders (CML).Additionally, 52 per cent of these people have remortgaged in the past five years. As for the rest, two thirds (65 per cent) of those who are yet to remortgage say they would consider making the switch this year.”More and more people are now re-mortgaging to help them change their lifestyle or career and to own their own home quicker, not just to reduce their monthly repayments,” explained Abbey’s director of mortgages, Gary Hockey-Morley.Lifestyle changes have meant that four per cent of remortgagers have done so for reasons such as starting a new business, giving up work or starting a family.

However, as Mr Hockey-Morley pointed out, some people are against making the move for financial reasons.”Some people still feel that it’s too expensive to remortgage although actually it needn’t cost a penny.”I would urge anyone considering changing their mortgage to talk to lenders, like Abbey, who have deals that offer free legal and valuation fees as well as good rates,” he added.