Less likely to refinance for a better rate are struggling homeowners

ENGLAND: Remortgaging to a fixed rate arrangement may be a more alluring choice for homeowners looking for respite from skyrocketing monthly repayments because the Bank of England base rate is predicted to increase once more this week. (Reported by news source)

According to Uswitch.com, which polled more than 2,000 British homeowners with low (£25,000 or less), moderate (£25,001 to £45,000), and high (above £45,000) incomes, switching mortgage packages to lessen the impact of rising interest rates is more beneficial for those with lower incomes.

Despite the fact that nearly one-fourth (27%) of low-income homeowners lack the security of a fixed rate agreement, 62% of them have never switched lenders for a better offer. Comparatively, this number is higher than that of the highest-earning homeowners in the UK, where 20% of them do not have fixed-rate mortgages.

Despite being current on their payments, three out of four low-wage individuals (74%) think they are unable to refinance.