The number of borrowers consulting brokers for remortgaging has jumped from 70 per cent last year to 83 per cent in 2018, according to Legal Marketing Services.
The conveyancing service provider says this is the highest level it has seen.
LMS chief executive, Nick Chadbourne says: “In an environment where so many products are available, more people are looking to mortgage brokers for advice. Our data shows that the number of remortgagors consulting a broker has risen to 83 per cent – the highest we’ve come across.
“In the current landscape, it’s sensible to consult a broker to get the best deals, considering not only headline rates but the additional value of extras such as free legals. Brokers can help people make sensible decisions and select the right product to suit their individual requirements,” adds Chadbourne.
The company also says remortgaging volumes hit an an eight-year high in July. However, on a 12-month rolling average transaction levels are still some way off pre-crash volumes, LMS says.
LMS cites other signs of recovery in the market from Moneyfacts data which shows the number of mortgage products dropped to 1,250 in 2009 after a high of 6,700 in 2008.
However, the number of products has been steadily creeping back up, 3,000 in 2011, 4,000 in 2015 and is now, in 2018, over the 5,000 mark.
Aside from the boost to broker consultations, LMS research also found inflation and rising annual repayments, despite rising household income, are adding to a squeeze on affordability.
Average annual repayments rose to £9,380 in June 2018, from £8,636 the month before and from £8,071 in June last year. LMS calculates this means repayments as a percentage of income are now at 19.5 per cent – the highest level in two years.