Eddie Goldsmith, senior partner at Goldsmith Williams, said that the lack of demand being driven by low rates and tighter lending criteria were both a disincentive for borrowers to remortgage, but now could be the time for many to consider a fixed rate.
Goldsmith said: “Brokers have seen remortgaging activity fall away rapidly in recent months, but there are still pockets of opportunity out there.
“Now is the time for many borrowers who are enjoying low variable rate deals to consider locking into fixed rates, to offset what could be a significant payment shock when rates do rise, as they inevitably will do at some point.”
Recent Bank of England figures show that the number of remortgages approved in June fell 3% on May to 24,949 remortgages – the lowest level for the past decade. This compares to 47,643 approvals for house purchase.
Goldsmith Williams continues to offer its fee free conveyancing deal throughout 2010, which helps clients keep down the cost of remortgaging.
The deal is available when brokers instruct Goldsmith Williams in place of any lender’s fee free scheme.
