Fears mount as householders seem reluctant to remortgage
A debate focusing on the nation’s resistance to remortgaging took place at this year’s annual financial conference, the Sesame Symposium, which took place on November 14 in London.
With outstanding mortgages worth £25 billion set to switch to lenders’ standard variable rates (SVRs) next year, mortgage providers are concerned that customers will miss out on the benefits on more cost-effective remortgage deals.
“Many people are making the active decision to not do anything about their mortgage,” said Lloyds Banking Group’s director of intermediaries, Mike Jones.
Intermediary business director at Barclays, David Finlay, raised similar concerns. He predicted that total lending mortgage lending is likely to amount to between £130 billion and £135 billion in 2012, falling below the historic low of £135.7 billion recorded in 2010.
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