Remortgaging Hits All-Time High as Borrowers Flee Higher Rates
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New figures published this week show a spike in the number of homeowners seeking a remortgaging deal online and advisors are urging other mortgage-holders to follow suit. The data from unbiased.co.uk reveals that searches for a remortgage were at an all time high in March, with 37 per cent of all mortgage searches specifically concerning remortgaging. In February this figure stood at 33 per cent and in March 2012 was just 31 per cent of mortgage searches. Analysts believe that recent mortgage rate increases by big name lenders and the looming tightening of lending criteria have spurred more people on to seek remortgaging as a solution to bigger bills and a way to get a better deal ahead of any changes to the lending rules. One of the factors that sparked fears of tougher new regulations was last week’s warning from the Financial Services Consumer Panel that borrowers could find remortgaging much harder when the recommendations of the watchdog Financial Services Authoritys Mortgage Market Review kick in next year. The tighter lending criteria are set to affect some 11.2 million mortgage-holders who are trapped in their interest-only deals, plus a million-plus borrowers affected by the standard variable rate increases announced by the likes of the Co-operative Bank, Halifax, the Clydesdale and Yorkshire banks and the Bank of Ireland. The advice for anyone who may be affected is simple and clear now is the right time to get on the net and shop around for the best possible remortgage deal while they have the breathing space.
Published on 24 April 2020
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The Mortgage Broker
The Mortgage Broker is an award-winning UK mortgage and protection specialist with decades of experience helping thousands of customers secure suitable and affordable mortgage solutions. Regulated by the Financial Conduct Authority, all advisers are minimum CeMAP-qualified and known for delivering clear, transparent, and expert guidance whether helping first-time buyers, home movers, remortgage clients or those with complex or adverse-credit needs. Recognised as a finalist at the Mortgage Strategy Awards 2025, The Mortgage Broker combines digital speed with human trust, offering access to over 130 lenders and more than 25,000 products. The company’s app, secure client portal and easy-to-use tools make it simple for customers to compare rates, track progress, and stay informed from start to finish.
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