Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot. Compared to April, this figure has increased by almost 10%.
Like other sectors, average rates for a five year fixed mortgage have been increasing. In April the average rate for a five year fixed account was 3.01%, and as of June this figure is now 0.36% more, according to Moneyfacts data.
Of those who remortgaged in May, nearly two-thirds of borrowers chose a five year product, according to the latest LMS Monthly Remortgage Snapshot.
