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Demand for five-year fixed rate remortgages hits record high


More than two-fifths of remortgage customers (42%) chose a five-year, fixed rate product in September, according to conveyancing service provider LMS.

This was the seventh consecutive month in which the percentage of five-year, fixed rate remortgage customers had grown.

LMS’s research found that 56% of September’s remortgage customers predicted a rate rise, up from 45% in August.

In September 2016, just 14% of customers expected a rate rise.

In September 2017, the number of remortgage customers increased by 13% to 41,573 (August 2017: 36,700) and the total value of remortgaging increased by 2% to £6.6bn.

Annual repayments have fallen to an all-time low of 16.4% of total income.

Nick Chadbourne, chief executive of LMS, said: “Over the last month, remortgaging activity has skyrocketed.

“This activity has been dominated by the five-year, fixed deal with 42% of September’s remortgagors opting for this type of mortgage.

“With 56% of September’s borrowers fearing an impending rate rise – a significant increase from the 45% seen in August – anticipation of rate increases is driving this surge.

“With mortgage rates the second lowest on record – and remortgaging more affordable than ever – borrowers are taking the initiative to lock into these low rates.”

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