The Mortgage Advice Bureau is predicting a significant increase in remortgage business in 2004. It says homebuyers will be keen to take out fixed rates as they will see them as more secure after the recent base rate rise.
Chief executive Peter Brodnicki says: “People are scared that rates will rise further and concerned about managing the repayments on both mortgage borrowings and other debts. They are increasingly wise to the benefits of remortgaging and since the last base rate rrise, we have seen a marked upturn in enquiries about fixed rates. We expect this to continue over the next year especially if base rates rise again, as we expect.”