Just 15% of homeowners remortgaged to lower their monthly repayments in July, latest research from LMS has shown.
This comes as more homeowners move away from short-term deals and variable rates and onto 5-year fixes at low rates to guarantee certainty and financial security.
Over a third (37%) of remortgagors fixed onto a 5-year deal in July which is the highest amount since numbers were first tracked.
Andy Knee, chief executive of LMS, said: “We are seeing a significant change in consumer behaviour when remortgaging.
“The way people borrow is changing, and there is a significant decline in interest-only and variable rate deals, and fixing for longer appears to be the top priority. It’s a flight to financial security.
“With interest rates still low and lenders competing with one another to offer customers the best possible deal, there has never been a better time to remortgage in 2017.”