The number of remortgagers who consulted a broker has dipped to 35 per cent in March – the lowest since September last year, according to the Legal Marketing Services (LMS).
The figure is down from 39 per cent in February, and 11 percentage points lower than the 46 per cent who consulted a broker at the start of the year.
In addition, LMS said homeowners are more confident in their own ability to make a decision about remortgaging, which is in part due to low expectations of a base rate rise, something research found had fallen from 16 per cent in February to 12 per cent the following month – the lowest recorded by the company.
Despite competitive rates being available, the number of people who remortgaged to lower their rate in March was down 11 percentage points year-on-year to 57 per cent.
What is more, the study found that the percentage of individuals who remortgaged because they came to the end of their current deal, fell to 45 per cent from 50 per cent in February.
The findings are based on the views of 572 respondents to a LMS customer survey in March.
Andy Knee, chief executive of LMS, said: “A persistently low base rate and a host of competitive mortgages on offer may be leading many remortgagors to miss out on the best available rates through apathy. After seven years of a historic low rate, there is no sign of an increase in sight, reducing the motivation of homeowners to remortgage, or consider their options.
Adviser view
Matthew Bird, an investment and mortgage adviser at Newport-based Seer Green, said: “I am not seeing a fall in remortgage queries, personally. Intermediaries have access to some even more competitive deals. It still pays to go through a broker.”
