The adviser search site said the surge in enquiries was driven by consumer fears that lending criteria was getting tighter and higher rates that were being pushed by lenders.
Karen Barrett, chief executive of unbiased, said: “The Financial Services Authority is moving to clamp down on irresponsible lending but their proposals, published at the end of last year, will affect millions of existing homeowners who are looking to obtain a better rate when their current deal ends.”
Fears were raised last week when the Financial Services Consumer Panel warned that borrowers could find it hard to remortgage once new rules from the FSA’s Mortgage Market Review come into play next year.
Barrett continued: “New rules will affect the 11.2m households stuck on interest-only deals, as well as more than a million borrowers who have been hit by the recent spate of lenders announcing mortgage rate increases. Last week Co-op became the latest bank to push up mortgage payments joining the Bank of Ireland, Halifax, Clydesdale and Yorkshire banks in raising its standard variable rate.
“This is a further indication that more lenders may follow suit and so it is now more important than ever for people to shop around for a better deal. High loan to value deals may be harder to find but we have seen some lenders re-enter the market at the 90% loan-to-value mark.
“Homeowners should continue to seek guidance from a whole of market mortgage adviser to ensure they are aware of the current deals on the market and how to mitigate any substantial rate rises.
“A mortgage adviser will recommend the best deals available and give a clear overview on how to go about remortgaging. They will also ensure you are aware of the redemption charges and arrangement fees involved in switching your mortgage.”
