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Recent Bank of England data found that remortgaging still remains in the doldrums – but anecdotal evidence suggests that more people, even self employed borrowers, might be realising it could be the time to get a new remortgage.

The Bank recently revealed in its lending trends survey that remortgaging still remained very low in July 2009, but new figures from Unbiased.co.uk have found that those looking for advice on remortgaging increased to a third of all consumer requests in June.

The website admits that while the requests from those seeking whole of market remortgage advice still remains in second place behind first-time buyer enquiries, they have significantly increased by 5% since May 2009.

David Elms, chief executive of Unbiased says: "These latest figures suggest a stirring amongst those thinking about remortgaging, after the previous two months drop in remortgage enquiries. More of those looking to remortgage are now seeking a whole of market mortgage adviser who can give whole of market advice and start to unravel the confusion of the current mortgage market."

If you are self employed, but are quite happy sitting on your lender's standard variable rate, it might be time to consider a remortgage. SVRs are not going to remain cheap forever, and when rates do rise once again, you could be caught short. By talking to a specialised mortgage professional you could be set up with a decent deal that serves you for the long-term.

Elms adds: "With some mixed news on whether there are signs of recovery in the property market, as well as mortgage options and deals still changing at a fast pace, it is not surprising that those looking to enter the market are seeking advice. Only whole of market mortgage advisers can give you advice and recommend solutions and products from across the range of mortgage providers."

SOURCE: BoE, 20/08/09, Unbiased.co.uk, 10/08/09

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