Most borrowers have no plans to remortgage

1 June 2017

Almost three quarters of mortgage borrowers say they have no plans to remortgage in the coming year, according to the results of a Moneywise poll of 9,000 readers.

Mortgage rates are currently at historic low levels, with some providers such as Yorkshire Building Society offering rates as low as 0.89%.

However, this doesn’t appear to be enticing many consumers into the market with 74% of borrowers polled ruling out remortgaging in the next 12 months.

Just 14% of respondents say they have definitive plans to remortgage in the next year with the remainder unsure if they will switch their loan.

This is despite the fact many Moneywise readers could be overpaying for their mortgage by remaining on their lender’s standard variable rate (SVR). Our poll found 17% of consumers are on this rate, versus 56% who have a fixed rate deal. A further 16% are on a tracker mortgage.

These results come from a poll of Moneywise readers who took part in the voting for the Customer Service Awards 2017, which attracted almost 50,000 entries in total.

Some 41% of readers say they found their current mortgage deal by using a mortgage broker. This compares to 29% of people who went direct to their bank or building society.

A further 15% searched on the high street and got quotes themselves while 10% of homeowners used a price comparison service to find the best deal.

If you’re thinking of remortgaging, you can use the Moneywise mortgage comparison tool to compare deals.     

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