Almost 10m Brits planning remortgage after rates rise
Nov 17, 2006
Nearly ten million Britons are thinking about remortgaging between now and February, new research from Egg shows.
This could partly be a result of the two interest rates rises announced by the Bank of England since the summer, the most recent one this month pushing interest rates up to five per cent.
The majority of consumers are considering going for fixed-rate mortgages (60 per cent) in order to insulate themselves against further rates rises. However, variable rate mortgages were also quite popular considerations (11.8 per cent), followed by discount-rate mortgages (7.8 per cent).
With so many mortgages on the market to choose from, it is important that consumers pick the right one for their circumstances, the company said. A spokesman suggested that because the market is extremely competitive, it could pay dividends for people to spend time shopping for the best deal.
Choosing a £200,000 mortgage on Egg's new two-year fixed rate deal rather than an average two-year fixed-rate mortgage, would reduce your interest repayments by £1,479.96 a year for the first two years. The area with the highest proportion of people planning to remortgage was the capital, with 28 per cent of Londoners considering the move.
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