93% of remortgage borrowers opt to fix

by Aaron Strutt

Jul 23 2014

Some 93% of remortgage borrowers chose to fix their mortgage in June, up from 88% during May, according to figures from the MAB National Mortgage Index.   

During the last few months a host of mortgage lenders have raised their rates and these increases have tempted borrowers to lock in to some of the cheaper fixes. 

The Bank of England base rate has been on hold for a record 64 months and it would appear we are edging closer to an increase.

Switch lenders

If you are thinking about switching from a standard variable or tracker rate, or your fixed rate is coming to an end, Trinity Financial has access to some of the lowest remortgage rates in the market.

For example, Nationwide for Intermediaries has a low two-year fixed rate at 2.09% and the lender provides a free remortgage service, keeping the cost of switching lenders to a minimum. The APR is 4% and after the fixed rate period the mortgage reverts to the lenders standard variable rate, currently 3.99%.  

One of the more recent entrants to the market Metro Bank is also offering a five-year fix at 3.09% and it is one lowest longer term fixes in the market. It has an APR of 4.2% and after the fixed rate period the mortgage will revert to the lenders standard variable rate, current 4%.

Borrowers will need a 40% deposit to access both of these rates and they both have £999 arrangement fees. Nationwide and Metro Bank offer a free property valuation and legals service if you remortgage to them. 

If you would like help to remortgage away from your existing lender, call Trinity on 020 7016 0790.