The latest research from LMS has shown that 66% of those remortgaging in April were doing so to take advantage of lower rates.
The company surveyed those choosing to remortgage in April and found that 42% did so to lower their monthly payment.
21% increased the size of their loan. Andy Knee, Chief Executive of LMS, said: “Homeowners choosing to remortgage currently are able to take advantage of some excellent rates from lenders, whether they choose to do so to free up some capital or to simply reduce their monthly mortgage burden.
“The government’s Funding for Lending Scheme has encouraged competition in the remortgage market and we expect to see more homeowners taking advantage of this over the coming months.”
