Senior technical manager, Ray Boulger, said: “The average life of a mortgage now is only three and a half years,” with frequent remortgaging the reason for the trend.
Boulger said the ideal time for people to remortgage was three months before their current deal was due to expire.
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He added that when it came to fees there was little difference between staying with the existing provider and switching, but some lenders “do a trade off” of interest rates against fees.
While it was hard for consumers to calculate which worked out most expensively, “any decent independent broker” could do that for them.
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Figures from the Council of Mortgage Lenders for November showed that £11.1 billion of remortgages took place, higher than in August or September this year.
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