More consumers sought remortgage advice last month

Enquiries from consumers looking to remortgage reached an all-time high in March, the latest figures from show.

Its data reveals that 37% of all searches carried out for a mortgage adviser were for remortgages, compared with 33% in February 2012 and 31% in March last year.

Karen Barrett, chief executive of Unbiased, says that recent rate hikes by mortgage lenders means consumers are looking to change deals.

She says “We have seen an increase in the number of people searching for remortgage advice, indicating borrowers who are worried about lending criteria getting tighter are taking the opportunity to ensure they can obtain the best rate before it becomes harder to switch to a better deal.”

Concerns were raised last week when the Financial Services Consumer Panel warned that borrowers could find it harder to remortgage once new rules from the Financial Services Authority’s Mortgage Market Review come into play next year.