The survey revealed 61 per cent of respondents reported similar levels of remortgage appointments to those prior to the rate rises. Only 31 per cent of brokers reported an increase in remortgage activity since the Base Rate rises.
According to the results, 40 per cent of intermediaries said that between half and three-quarters of their clients wanted a fixed rate deal. 17 per cent reported a greater level of advising on fixed rate products.
Neil Hoare, marketing manager at Pink, commented: “I’m surprised that the majority of intermediaries who responded to the Pink 1000 Index Survey haven’t seen an increase in customers looking to remortgage. In November, Pink experienced a record month for the year in terms of the number of remortgage cases sent in for packaging and this is normally representative of the market trends. I’m sure that intermediaries will see an increase in remortgage cases now that Christmas is over and consumers take the time to look at the levels of debt they are carrying on unsecured borrowing.
The high number of fixed rate mortgages being arranged is expected as the most recent rate rise was well anticipated. A fixed rate is always going to be a popular choice before and shortly after an interest rate rise as consumers look to get some element of surety about their mortgage repayments.”
Sonny Joannou, IFA at Anand Associates, said levels of remortgaging had remained consistent despite rate changes, although he agreed that of those remortgaging, more people were opting for the security of a fix.
He said: “People are becoming more financially savvy and are more careful of what the market might do with regards to interest rates.”
