19% Would Consider Mortgage Switch

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

Lloyds found that more than a quarter (28%) expect there to be some good remortgage deals on the market over the next few months. The research also revealed that 27% of homeowners would consider remortgaging if there was any chance of making a saving on their mortgage.

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

Of those who aren't considering remortgaging 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. For those with a large mortgage, associated costs can potentially be significantly reduced, given the larger loans.

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.