Large increase in remortgages over past six months

Large increase in remortgages over past six months

As the market slows, more homeowners are choosing to remortgage than move up the property ladder. Figures from the Spicerhaart Financial Services monthly survey have shown an increase of over 35% in remortgages since April, with 24% of borrowers now remortgage customers. “The increase in borrowers choosing to remortgage their property is largely due to the tightening of the purchase market as a result of the credit crunch,” said Steve Cox, operations director of Spicerhaart Financial Services. “Consumers coming to the end of fixed rate deals have contributed to the shift as they look to secure competitive deals, of which there are plenty of opportunities.”