Why borrowers are rushing to remortgage

Monopoly houses on map
Monopoly houses on map

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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