19pc would consider mortgage switch

Nia Williams

April 2, 2013

Lloyds found that more than a quarter (28%) expect there to be some good remortgage deals on the market over the next few months.

The research also revealed that 27% of homeowners would consider remortgaging if there was any chance of making a saving on their mortgage.

However the research showed that 68% of homeowners that would prefer to remain on their current mortgage deal.

Of those who aren’t considering remortgaging 30% said they feel they are on a low enough interest rate already, 26% said they thought the costs associated would be so high that they may not save money overall and 17% said they are holding off the decision to see if mortgage rates fall further.

Interestingly the research found that 54% are unaware that standard variable interest rates for mortgages have actually been higher than fixed interest rates for more than a year.

Marc Page, Lloyds TSB mortgage director, said: “Standard variable-rate mortgages have been at historically low levels for quite some time so it is no surprise that many homeowners haven’t considered moving from them.

“But with fixed-rate mortgages falling and some good deals expected on the market this year now is the time for borrowers to consider the benefits of remortgaging.”

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