Since the advent of the credit crunch the UK population has been in an extremely unsettled financial situation.

Much of this turmoil is as a result in changes in the UK job market. Many people have been made redundant as a result of their company going into administration. On other occasions the redundancy is as a result of the boss trying to slim down his work force to save on wages.

Other individuals have not suffered quite as drastically, but have nevertheless had a cut in wages because their working week has been cut or paid over time has been done away with.

As everything else as regards finances constantly on the move every month, they felt that they owed it to themselves to have one aspect of their outgoings the same month after month.

This aspect of life over which they had control was their mortgage or remortgage.

More and more people opted for a fixed rate mortgage or remortgage whether they wanted to remortgage to move their existing mortgage from their current lender to another or whether they wanted additional funds via a remortgage.

With a fixed rate remortgage or mortgage the payment will not change over the period of how long the fixed rate is set. This was in general from one year to ten years. However most people opted for a four to five fixed repayment period .

This allowed for some sort of financial certainly in uncertain times.

Variable rate remortgages and mortgages have had their rates reduced by certain mortgage lenders, and this has not been the case with their fixed rate cousins.

Some mortgage lenders have reduced the interest rates of their variable remortgages and mortgages while at the same time keeping the fixed rates as before.

This has caused a huge fall in requests for fixed rates, as they are simply now considered too expensive, and in the course of the last two months two thirds of those seeking a remortgage or mortgage are choosing a variable rate.

Learn more about remortgages. Stop by Champion Finance’s site where you can find out all about a remortgage and what it can do for you.