According to a Moneywise survey of 9,000 readers, nearly 3/4ths of mortgagees do not plan to remortgage in 2017 or later.
With the fact that there are such low mortgage rates, such that they are making history, market consumers questioned, to the tune of 74%, indicated that they will not remortgage for at least 12 months.
Even though millions have a hard time paying, only 14% of those surveyed say they have actual plans to remortgage in the next year, surveyor Moneywise found.
Moneywise readers, they said, could be overpaying on their mortgages by staying on what is called a Standard Variable Rate (SVR) with 17% of mortgagees on this rate as opposed to fixed rate customers who account for 56%. This is despite the fact many Moneywise readers could be overpaying for their mortgage by remaining on their lender’s standard variable rate (SVR).
While 41% of those who answered the poll indicated that they found their mortgage by utilizing a broker, 29% went to a building society or to their financial institution.
While 10% of those owning a home used a comparison site to seek the top deal, another 15% searched on high street to get their own quotes.