Qualified advisers answering your
Financial Questions
call 0800 092 1245

Homeowners race to get homes remortgaged


A large number of homeowners are racing to get their homes remortgaged before the base interest rate rises.

Figures from the Council of Mortgage Lenders showed that remortgaging jumped by 30% in June, and was at its highest level since September 2013. During June 31,600 households changed their mortgage deals, compared with 24,300 in May. Price comparison website Comparethemarket also claimed it had said it had seen a 23% spike in remortgage queries between June and July.

Many homeowners not on fixed deals may see their payments rise when the base interest rate goes up, so have taken precautions to change their mortgage plan. The Bank of England (BoE) has claimed that interest rates could increase as soon as December this year. The last time interest rates increased was eight years ago in July 2007, which means up to one million homeowners have never experienced an interest rate rise, according to the Money Advice Trust.

Paul Smee, the director general of the CML, said:
"Notable this month is the uptick in remortgage activity among home-owners, perhaps reflecting an increased desire to lock into competitively-priced mortgage deals in advance of any rise in rates.

"It is likely that people are now beginning to feel a rate rise is a realistic prospect, and not just a distant theoretical possibility."

Need financial advice?

If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details