Remortgage enquiries rise as rates go up
New data reveals that buy-to-let queries are up while first time buyers make a smaller slice of advice searches.
More people are searching for remortgage and buy-to-let advice while interest in first-time buying decreased slightly, according to search data from professional advice website Unbiased.co.uk.
Unbiased’s Advice drivers report found that searches for remortgage advice increased to 35 per cent of all whole-of-market mortgage enquiries in May 2012, compared to 30 per cent in the previous month and 30 per cent in the same period last year.
Meanwhile, interest in first-time buying dropped slightly from 39 per cent in April to 38 per cent in May. However, it remains the number one advice driver on Unbiased’s mortage adviser search.
Searches for buy-to-let advice increased from 19 per cent in April to 21 per cent in May.
Karen Barrett, chief executive of Unbiased, said: “It comes as little surprise that the recent rate rises by lenders have driven a renewed interest in searches for remortgage advice as consumers contemplate switching to a better deal in an attempt to save money.
“We have already seen a number of lenders including Halifax, Bank of Ireland, Yorkshire and Clydesdale Banks, RBS and Co-operative Bank increase their standard variable rates, leaving over a million borrowers with higher mortgage payments.”