The number of people remortgaging rose to a 26-month high during February as homeowners braced themselves for higher interest rates, figures revealed today.
Around 35,725 loans were approved for people switching to a new deal during the month, the highest level since December 2008, according to the Bank of England.
The increase is likely to have been driven by expectations that the Bank of England will increase the base rate from its current record low of 0.5% sooner than previously thought due to high inflation. The speculation has prompted people who had been sitting on their lenders' standard variable rate to remortgage before rates start to rise.
Our computer programs allow us to quickly assess the costs of remortgaging when compared to your existing lender's standard variable rate or whatever deal they may be offering you.
It is still true to say that sometimes the best deals are "for new customers only", so give us a call and we'll help you make the right choice for you and not the bank!
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