The number of people looking to remortgage has increased rapidly in recent months, according to the latest figures.

Spicerhaart Financial Services has reported that remortgaging activity has increased by 43 per cent since March.

Steve Cox, operations manager at the firm, said that many people are choosing to remortgage as a result of the global credit crunch.

"Following the credit crunch we have seen a steady increase in the number of people choosing to remortgage their property, using the cash to improve their existing property or pay off debts," he commented.

"It is also attributable to consumers who are coming to the end of fixed-rate mortgages, as they look to secure competitive deals," continued Mr. Cox.

Spicerhaart has also reported a rise in the number of long-term fixed-rate products being taken out.

The firm has highlighted that mortgages fixed for more than four years accounted for almost a quarter of the market in February, the highest level for a year.

"Due to the unpredictable nature of the forthcoming months, borrowers are looking to achieve some security and fix their monthly repayments," added Mr. Cox.

Source: http://www.introducertoday.co.uk/News