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Remortgaging `on the increase` due to rate hikes

12/06/2007

More Britons have been choosing to remortgage due to recent base rate increases by the Bank of England`s monetary policy committee, according to new research.

Those who have chosen this type of debt consolidation rose by 50 per cent during May, a survey by Spicerhaart Financial Services reveals.

Increased financial pressure may have prompted some homeowners to release some equity in their property, while others may have wanted to get hold of a deal before another interest rate increase, the study suggests.

"Rising interest rates have pushed up mortgage repayments and put a strain on consumer finances," Steve Cox, operations director of the company, remarked.

"This has resulted in a substantial rise in the proportion of borrowers choosing to remortgage their property to secure future monthly outgoings."

Some borrowers who are facing the end of fixed-rate deals are also seeking to remortgage their property for protection from future interest rate hikes, he added.

The average outstanding mortgage in the UK is £95,871, according to Credit Action.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according