Among those remortgaging in March, just 35 per cent consulted brokers, a fall from February and the lowest level since last September, according to Legal Marketing Services.
The March number is down from 39 per cent the month before.
Based on 572 respondents to a customer survey last month, the findings led the legal conveyancing outsourcer to raise concerns borrowers may be missing out on competitive rates.
They may also not be buying the most suitable products for their circumstances, as intermediaries can access products not available on the high street.
LMS pointed out homeowners are more confident in their own ability to make a decision about remortgaging without consulting a broker due to low expectations of a base rate rise, something the research found had fallen from 16 per cent in February to 12 per cent in March.
Despite competitive rates being available, the number who remortgaged to lower their rate in March was down 11 percentage points year-on-year to 57 per cent..
LMS chief executive Andy Knee said a persistently low base rate and a host of competitive mortgages on offer may be leading many of those remortgaging to miss out on the best available rates through apathy.
“Concerning too, is the fall in the number of remortgagors seeking independent financial advice when remortgaging,” he said.
In terms of the motivations for changing mortgage deals, the research revealed less people remortgaged because they came to the end of their current deal - down to 45 from 50 per cent in February - while 28 per cent opted to increase the size of their loan - with 22 per cent upping it by more than £10,000.
peter.walker@ft.com
