The research, carried out by YouGov, also showed that 17 per cent of the 1,119 homeowners surveyed would consider remortgaging if the BoE decided on another Base Rate rise. However, 7 per cent admitted they would remortgage as a direct result of the rise in August.
The findings also showed that 40 per cent of homeowners intended to remortgage to get a better rate when they first took out their mortgage but 62 per cent had either never remortgaged, and those that had, had only done so once. In total, only 2 per cent of homeowners had remortgaged more than five times since taking out their first loan.
When asked about potential money savings tips, 23 per cent of survey respondents thought they were paying over the odds by not remortgaging, while 28 per cent thought they could save up to £200 a month by taking out a better rate.
Commenting, Andrew Boddie, head of marketing at Standard Life Bank, said: “Because of the recent interest rate rise, remortgaging is clearly front of mind for many homeowners. We would urge anyone considering remortgaging to look beyond just the headline rate to ensure they are getting good value over the long-term.”
Steve Baker, mortgage development director at Openwork, said: “Early indications suggest that consumers are starting to look more closely at remortgaging in the wake of the recent Base Rate increases. With speculation that rates will increase by another 25 basis points by the end of the year, there is every possibility that this trend will continue as people feel the knock on effect of an increase in their out goings, especially heading towards the expensive Christmas period.”
