Remortgage activity set to increase as fixed rates continue to drop
Published: 02/04/2013
19 per cent of homeowners believe they may remortgage this year, according to a latest survey by Lloyds TSB.
According to the survey of 845 homeowners, almost one in five are considering remortgaging after average rates on two and five-year products dropped by 19 and 32 per cent.
Average fixed rates – 2010 vs. 2013
| Average 2-yr fixed rate 2010 |
Average 2-yr fixed rate 2013 |
Average 5-yr fixed rate 2010 |
Average 5-yr fixed rate 2013 |
| 4.68% | 3.80% | 5.78% | 3.91% |
Figures according to Moneyfacts
Marc Page is the Mortgage Director at Lloyds TSB:
“SVRs [standard variable rates] 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.”
Content correct at time of publication