Remortgagers ‘looking to fix rates’

Many property owners would choose a fixed-rate deal if they were to remortgage their home, a poll has found.

A survey conducted in May by Abbey Mortgages has revealed that just 15 per cent of those questioned would opt for a variable-rate homeowner loan, down from 28 per cent in January.

Nici Audhlam-Gardiner, director of mortgages for the bank, remarked: “Fixed rates are firmly back on the agenda for those looking to remortgage.”

Borrowers may be hoping to fix repayments before the Bank of England base rate rises from its current level of 0.5 per cent, as 73 per cent of those questioned said they believe the figure has reached its floor.

Ms Audhlam-Gardiner claimed that homeowners are “now trying to work out when rates will rise again and how long to fix their rate for”.

In related news, Bank of England research has found that 31,800 remortgages were approved during April, a drop of 235 on March’s level.

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