Almost a third of homeowners reaching the end of their fixed-term loans will only consider long-term remortgage deals as living costs rise, according to Comparethemarket.
Research published by the price comparison website found that 32% of borrowers who are coming to the end of their fixed-term loans in the next three years are looking to move onto much longer offers.
“There is a clear change in attitudes towards long-term fixes, as just 11% of homeowners will currently only consider a short-term fix when they next remortgage”, the report stated.
It added that 45% of borrowers are keeping their options open and will consider both long and short-term deals.
The study said that 19% of homeowners are also considering remortgaging before the end of their current fixed term, “which hints that some are prepared to pay an early repayment charge in order to lock into a new fixed rate deal as rates may still rise further later this year and early next.”
The study was conducted by data group Censuswide among 2,023 mortgage holders between 5 and 10 August.
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