Poll
85% of remortgagors lowered rates in September
The figures suggest that many homeowners took advantage of the Bank of England’s interest rate cuts in the wake of the EU referendum.
LMS also revealed that 64% of people who remortgaged in September believe they will do so again within the next four years.
Andy Knee, chief executive of LMS, said: “Record-low mortgage rates after the cut to the base interest rate make this a great time to remortgage.
“Mortgage interest rates were already falling, but this cut may have been the catalyst to encourage more people to remortgage.”
Despite many people saving money by remortgaging due to the lower rates, LMS found that 62% of remortgagors only did so because their current deal had come to an end.
The firm suggested that some homeowners may not have been aware of the savings they could have made.
Meanwhile, 55% claimed that the main reason they chose their lender was due to them having the cheapest mortgage deals or best interest rates.
Only 22% opted for a lender based on a recommendation from their broker or adviser.
“Today’s favourable conditions and very little anticipation of rates rising any time soon, means homeowners plan to take advantage of this and remortgage more frequently,” Andy added.
“For those who have not remortgaged yet, there is still plenty of incentive to act before the year is out, and may provide some welcome relief in the run up to Christmas when rising prices and higher inflation are likely to take its toll on family finances.”
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