Over a third of brokers in our poll reported seeing significantly more remortgage customers since lenders entered the Funding for Lending-fuelled rate war, while 13% had seen a smaller increase.
However, around half of respondents said they were still waiting for the greater competition to translate into remortgage business.
Ashley Law director Jock Cassidy said he had seen a level of interest in remortgage products: “Consumers have got a lot of cash flow problems so they if they can get one at a reasonable rate they are very to do so.”
However, he said consumers were unlikely to pick up the good news about rates by themselves: “There is a lot of lethargy across the country so it does need promoting to clients.”
Enness Private Clients director Hugh Wade-Jones said he had seen a few more remortgage clients but suggested consumers might not be aware of the lower rates available until a broker contacts them.
“Maybe the reason there has been an uplift is people have been pleasantly surprised when they have looked.
“We haven’t seen a large increase in volume, but people are more likely to take the plunge because it is more attractive.”
