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Homeowners Remortgage to Avoid Interest Rate Rises
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Homeowners Remortgage to Avoid Interest Rate Rises
The amount of homeowners remortgaging in June rose by a third, as they hope to avoid imminent interest rate rises.
Around 31,600 loans worth £5.1 billion were granted in June, according to the Council of Mortgage Lenders (CML).
Additionally, 28,300 first time buyers had mortgages worth a total of £4.2 billion approved in June. This is a 22% increase on May.
Director General of the CML, Paul Smee, says: “It is likely people are now beginning to feel a rate rise is a realistic prospect and not just a distant theoretical possibility.”1
1 Binns, D. (2015) ‘Re-mortgages soar to beat interest rate rise’, Metro, 12 August, p.2
