propertytalk Live! - Demand for remortgage advice at all-time high

propertytalk Live! - Demand for remortgage advice at all-time high

Remortgage inquiries hit an all-time high in March 2012, with 37% of all searches on unbiased.co.uk's "find a mortgage adviser search", compared to 33% in February 2012 and 31% in March last year.
Karen Barrett, Chief Executive of unbiased.co.uk, said: "Recent moves by lenders in the mortgage market means consumers are faced with less choice and higher rates.
"Our consumer search has seen an increase in the number of people searching for remortgage advice, indicating borrowers who are worried about lending criteria getting tighter are now taking the opportunity to ensure they can obtain the best rate before it becomes harder to switch to a better deal."
Fears were raised last week when the Financial Services Consumer Panel warned that borrowers could find it harder to remortgage once new rules from the Financial Services Authority's Mortgage Market Review come into play next year.
Barrett said: "The FSA is moving to clamp down on irresponsible lending but their proposals, published at the end of last year, will affect millions of existing homeowners who are looking to obtain a better rate when their current deal ends.