"The ongoing mortgage rate war among leading lenders has seen the launch of a range of low rates."
65% of remortgage customers are choosing fixed-rates. Around 69% of brokers say first-time buyer and remortgage clients are applying for short-term fixed deals while 27% say clients are looking for longer term fixed rates. Just 22% of brokers say clients believe rates will be cut or stay where they are for the foreseeable future.
However The Nottingham’s research also shows confusion among remortgage customers – around 16% of homeowners don’t know what they will do when it comes to their next mortgage deal while 6% will move to the standard variable rate.
Ian Gibbons, Senior Mortgage Broking Manager at Nottingham Mortgage Services, said: “The ongoing mortgage rate war among leading lenders has seen the launch of a range of low rates.
“The best deals do not tell the whole story of course as deals vary depending on how much equity homeowners have or how big a deposit they can find. But the trend in the past two years has been down and there are potentially substantial savings to be made.
“Customers need to be able to search the whole market and to look for as wide a range of deals as possible before making a decision on their next mortgage deal which means getting expert help.”
