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| Homeowners hurry to remortgage, ahead of rate rise | Homeowners hurry to remortgage, ahead of rate rise |
| (about 2 hours later) | |
| The number of home-owners remortgaging jumped by 30% in June, as borrowers locked in to new deals ahead of a rise in interest rates. | The number of home-owners remortgaging jumped by 30% in June, as borrowers locked in to new deals ahead of a rise in interest rates. |
| The figures - from the Council of Mortgage Lenders (CML) - show remortgaging at its highest level since September 2013. | The figures - from the Council of Mortgage Lenders (CML) - show remortgaging at its highest level since September 2013. |
| During June 31,600 households changed their mortgage deals, compared with 24,300 in May. | During June 31,600 households changed their mortgage deals, compared with 24,300 in May. |
| Those not on fixed deals may see payments increase when base rates rise. | Those not on fixed deals may see payments increase when base rates rise. |
| The Bank of England recently warned that interest rates could begin to increase as soon as December, although the City expects the first rise to come in 2016. | The Bank of England recently warned that interest rates could begin to increase as soon as December, although the City expects the first rise to come in 2016. |
| "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," said Paul Smee, the director general of the CML. | "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," said Paul Smee, the director general of the CML. |
| "It is likely that people are now beginning to feel a rate rise is a realistic prospect, and not just a distant theoretical possibility." | "It is likely that people are now beginning to feel a rate rise is a realistic prospect, and not just a distant theoretical possibility." |
| The rush to remortgage was confirmed by some of those who market the loans. | |
| Price comparison site Comparethemarket said it had seen a 23% spike in remortgage queries between June and July. |