Majority of remortgages involve lender switch

By Natasha Adamson

Only 3 per cent of people who remortgaged last month stuck with their current lender according to a new survey.

The poll carried out by LMS reveals that while mortgage lenders are cutting their rates to get new customers on board, their existing borrowers think the grass might be greener with a different bank. Of the 525 borrowers who were polled, 76 per cent said they had moved to a new lender when remortgaging. There was an increase in the number of remortgages last month, and overall lending has also increased.

Equity release has been one of the motivating factors behind a large percentage of remortgages. Borrowers have been taking advantage of the low interest rates to overpay on their mortgage and increase their equity share in their property. Other borrowers are remortgaging in order to improve their monthly mortgage payments, or to tie themselves in to a five-year fixed deal before interest rates start to go up.

If you are remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or click here to receive an instant legal fees quote online.

 

 

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