According to Cheltenham & Gloucester, us Brits shouldn’t be panicking over remortgaging, reports MortgageSorter.co.uk.

Their research shows that a third of homeowners would rather stick on a higher rate with the lender they have now, than try to find a good remortgage deal and risk being given a ‘no’.

It also emerged that two fifths of people are disappointed with the sharp reduction in choice in the remortgage market. However, despite this those looking for a remortgage quote still have around 5,000 products to choose from.

The advice is that borrowers should start the remortgage process around three months before they want to change to a different mortgage type - say from tracker to fixed.

Remortgage Deals - an impartial remortgage quote comparison service for remortgages.