19% would consider mortgage switch

One in five (19%) homeowners feel that 2013 could be a good time to consider re-mortgaging, research released by Lloyds TSB has revealed.

Lloyds found that more than a quarter (28%) expect there to be some good re-mortgage deals on the market over the next few months.

The research also revealed that 27% of homeowners would consider re-mortgaging if there was any chance of making a saving on their mortgage.

However the research showed that 68% of homeowners that would prefer to remain on their current mortgage deal.

Of those who aren’t considering re-mortgaging 30% said they feel they are on a low enough interest rate already, 26% said they thought the costs associated would be so high that they may not save money overall and 17% said they are holding off the decision to see if mortgage rates fall further.

Interestingly the research found that 54% are unaware that standard variable interest rates for mortgages have actually been higher than fixed interest rates for more than a year.

Peter Lawrence at Lawrence Rand said: “Standard variable-rate mortgages have been at historically low levels for some time so it is no surprise that many homeowners haven’t considered changing from them.

Many people only take the opportunity to look at their mortgage situation if they are moving home whereas it can pay to do so much more often.

With fixed-rate mortgages falling and some good deals expected on the market this year now is the time for borrowers to consider the benefits of re-mortgaging.

At Lawrence Rand our mortgage advisers will be only too pleased to discuss your individual circumstances and tailor a solution for you."