An increased number of homeowners are reaching out to mortgage brokers as they look to manage their money effectively, LMS research shows.
Nearly three quarters (72%) of remortgagors consulted a broker in April, up from just under two thirds (63%) in April.
ONS data shows that real wages fell by 0.2% in the first three months of the year, so homeowners are more likely to be stretched financially.
It appears they are therefore taking a safety first approach, with over a third (34%) of remortgagors fixing for fix years in April despite just one in 12 having a long-term fix previously.
Andy Knee, chief executive of LMS, said: “The fall in real wages in the first three months of the year has placed a real strain on family finances.
“Despite this, it is encouraging to see increased numbers of homeowners planning their finances in advance by remortgaging in order to pay off debts, and consulting with brokers in the process, to ensure they get the best possible deal.”