More than half of mortgage-related searches from April to June focused on remortgaging, up from 35 per cent in the previous three months, according to the Mortgage Search Tracker.
The tracker from Mortgage Advice Bureau (MAB) showed interest in remortgaging spiked to the highest quarterly figure since records began four years ago.
Data suggests rising house prices and tightened mortgage criteria have dampened interest in new loans for house purchases, with attention focusing instead on switching to a better deal before rates rise.
Rates speculation fuelled by the Bank of England is also prompting people to look at improving their existing deals.
MAB head of lending Brian Murphy said while actual remortgaging activity was still subdued, he expected the rising swell of interest in would soon translate into action from consumers looking for better deals.
“Many existing owners have been sitting pretty with exceptionally low interest payments thanks to the 0.5 per cent base rate.
“This won’t change overnight, with incremental increases on the cards – but the prospect of a rate change makes it worth revisiting the decision to stick or twist with your existing mortgage.
He added: “In some cases, the cost of an early exit fee or early repayment charge on a fixed-term deal can be outweighed by the benefit of a better rate.
“Personal circumstances will dictate whether it’s worth exiting early and locking into another rate or simply waiting it out with limited rises on the horizon.”
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