Remortgage enquiry numbers jumped to 855 in October from 600 in September, said the broker.
Drew Wotherspoon, director of marketing at John Charcol, said: “This tells us that people are finally considering their options and are no longer content to simply sit on their lender’s Standard Variable Rate (SVR).
October’s actual mortgage figures showed a broadly even spilt between purchases and remortgaging for new cases.
“It is certainly encouraging that consumers are keeping on top of their options. With some excellent mortgages now available, it could well be precisely the right time for many to move their mortgage,” said Wotherspoon.
“To fix or not to fix is undoubtedly a question being asked up and down the country currently by many mortgage borrowers, as they decide whether rates have reached their nadir and what the future movement of wider interest rates looks like.
Charcol said it could still be too early to jump into a fixed rate if a borrower is comfortable playing the waiting game a little longer.
“Of course, what Bank Rate does is crucial, but equally important is what the market expects Bank Rate to do,” said Wotherspoon.
“If we stay in a low rate environment for several more years, as many think we will, then moving to a fixed rate now will prove costly in the long run. However, should we be taken by surprise and rates move upward sharply, then fixing soon would be a wise move.”
Borrowers need to consider their own situation and take advice, but consider their own circumstances first on whether to fix or go for variable, said Charcol.
The broker said the lack of first-time buyers continues to hold back the market. Innovative products with smaller deposits to service this market would be welcome, it said.
