People are remortgaging more frequently – as homeowners remortgaged every four years, January 2017 data from LMS has found.
The last time homeowners remortgaged so often was in February 2009, as homeowners take advantage of rock bottom mortgage rates.
Andy Knee, chief executive of LMS, said: “When remortgaging in January, homeowners weren’t solely looking for good value but also seeking long-term security, hence the increasing popularity of fixed 5-year deals.
“With inflation on the rise – rising to 1.8% in January, the highest since June 2014 – and both the Budget and Article 50 mere months away, remortgagors took advantage of January’s favourable conditions and record-low rates to guard against potential upsets in the near future.
“Almost half (45%) of remortgagors in January now expect interest rates to increase in the next year so homeowners would be smart to remortgage now – before it’s too late.”