UK remortgage activity hits four-year high
Fears of further interest rate increases has driven UK remortgage activity to a four year peak, according to new data. Remortgage approval rates have risen by 30% per year as an increasing number of British are demonstrating an &lsquo;urgency to act&rsquo; to secure cash from equity invested in their homes; increased lender competition is also believed to have influenced soaring remortgage rates. 
UK remortgage activity is piping hot with little known resistance to slow it down. Recent announcement by the Bank of England regarding a certain increase in base rate has prompted many house owners to take advantage of the opportunity of a remortgage. Interest rate increases combined with continued lender competition has created the perfect climate for remortgagers. Attractive deals are still on the table and available to all house owners who qualify.

Remortgage approvals are up almost 30% year on year, which is the highest level in four years, according to the BBA. House owners are now acting with great urgency to attempt to lock in a rate before the interest rates rise any further. The base rate is expected to be raised at least 0.25% in the coming months.

Richard Woolhouse, chief economist at the BBA, commented on the latest data to surface, saying: "These figures show that thousands of us managed to tear ourselves away from the Ashes series to remortgage during July.

"This was a 29% surge on 12 months before and the highest figure we've seen for four years. Savvy homeowners are snapping up competitive deals before an expected increase in interest rates.”

Woolhouse added: ”There were concerns that new regulations had made applying for a mortgage more onerous. But remortgaging is still a straightforward process that can take even less time than Alastair Cook and his men took to beat Australia."

Remortgages are a fine way to take advantage of a mortgage lending product which can offer a lower monthly payment to UK house owners. It is also an excellent way to secure cash from equity built up in a house. This cash through the remortgage process can be used for much needed holidays, house renovations, or to pay off old debt. Remortgages are now able to be applied for and obtained online.