Homeowners rush to re-mortgage

28th August 2015

The prospect of an interest rate rise has prompted many homeowners to lock into more competitive mortgage deals. The British Bankers' Association said remortgaging rose nearly 29% in July, helping push up the number of overall loans approved for home loans up by 15% year-on-year to 77,451, with a total value of £12.3bn. Some 46,033 mortgages with a total value of £7.8bn were approved for house purchase in July, up from £7.7bn in June and 11% higher than a year earlier - marking the highest monthly figure recorded since February 2014. The number of remortgage approvals leapt to 24,400 with a value of £4.1bn last month, up from 24,183 at £4bn in June. Total mortgage borrowing was £11.8bn, 11.5% higher than a year ago, the BBA said.

The Times