Why borrowers are rushing to remortgage

Remortgaging has been well and truly in the doldrums since the credit crunch. Not only have borrowers been less confident about releasing equity at a time when nobody's job feels secure, but for many it simply hasn't been worth switching.

The historically low Bank of England base rate of 0.5% has meant that, over the last three years, many borrowers were actually better off sticking with their lender's standard variable rate or long-term tracker. These rates had dropped to such low levels that it often made sense to do nothing. No switching costs, no hassle and no forms to fill in.
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