Remortgages as a share of total searches on Experian’s comparison service has risen 5.3% in the last year with more looking to switch onto fixed rate products.
Experian’s monthly credit barometer showed that over a quarter (28.7%) of September’s mortgage searches via the service were for remortgages which is up from 23.4% last year.
Amir Goshtai, managing director of marketplace at Experian, said: “Last month we revealed that mortgage applications had increased by 9.8% year-on-year.
“Our latest mortgage findings suggest remortgages could be contributing to the rise in applications in the mortgage market as homeowners are increasingly locking in fixed deals amongst a backdrop of economic uncertainty.”
Some 91.3% selected a fixed monthly repayment option in September.
Only 5.6% searched for a variable interest rate type and 3.1% for a tracker last month.
Goshtai added: “With interest rates relatively low, a typical borrower could save up to almost £2,500 a year by switching to fixed monthly payments from a standard variable product.
“Fixed rate mortgages provide more certainty and security with outgoings.
“They also help to aid better planning and budgeting, especially at a time when many external economic factors remain unclear.”
The proportion of first-time buyer mortgage searches fell by 5.3%.