The same index also showed a continuing dip in consumer confidence as purchase business fell by 20%.
Drew Wotherspoon, director of marketing at John Charcol, said: “Remortgages appear to be making a comeback. The very nervousness that is keeping purchasers away from the market is arguably convincing those who have held off remortgaging for some time to both literally and metaphorically get their house in order.”
He added: “In one month, the number of remortgages arranged [by us] has increased by 35%. Whether this is a blip, or a sign of things to come will only be seen in the coming months.”
Jonathan Cornell, communications director from First Action Finance, said: “I don’t think remortgaging will make a solid comeback just yet. We will have to wait until the spending review comes out to decide the state of the market.”
“In the meantime, brokers can use the [John Charcol] results as an example and go back through their databases to re-connect with past clients, who could use their remortgaging advice.”
The index also revealed that variable rates remained more popular than fixed rates at 27.5%, and reported a drop of around 7% for the number of first-time buyers entering the market.
