Menu Search

Homeowners Hurry To Lock Into Cheap Mortgages…

August 29th 2013
By: Melanie

Home owners are hurrying to take out fixed cheap mortgages just in case interest rates rise, with £471m mortgage applications taking place in July, according to new figures from the property service company, LMS.

The new figures show that re-mortgages increased by £4.2bn in July, the highest figure since 2008. Lending in July was also up on the previous month by 12.7%. Re-mortgage loans increased by 6.7% in July to 28,590 compared to June’s 26,800.

The new Governor of the bank of England, Mark Carney hinted that interest rates are not expected to rise until 2016, however with the increase of interbank lending, this might not be the case.

Commenting on the latest figures, Andy Knee, Chief Executive of LMS stated: “Following subdued remortgage activity in June this month’s figures show a significant boost, with both gross remortgage lending and the number of remortgages both increasing significantly. In fact, the total remortgage lending figure marks the most successful July we have seen since 2008.

“The average amount of equity being released has fallen this month from its 13-month high in June but due to the increase in the number of customers, the total amount of equity being released by remortgaging is continuing to grow month by month.

 “Despite Carney’s tying of an increase in interest rates to unemployment figures, more than one in seven (14%)* of our customers in July said they believed rates were going to rise. It is a good idea to take advantage of these deals whilst they are still around.”

At Intercounty, as part of Lsli, we believe that we will help find you the very best mortgage, tailored to suit your individual needs if you would like to find out more then please call us on 0845 073 6628 for no obligation advice or pop into one of our local branches.