Two in three remortgagors favour fixed rates

Two thirds of (65%) remortgaging homeowners are opting for fixed rate mortgages, Nottingham Building Society research has revealed.

Customers are typically looking for 2 or 3-year fixed rate deals.

Two thirds (69%) of mortgage brokers said first-time buyer and remortgage clients are applying for short-term fixed deals while 27% said they are looking for longer-term fixed rates.

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.”

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Written by: Houseladder