Remortgaging levels reached the highest level for more than a decade in July

Defeating the walk: 46,000 remortgages were completed in July, says UK Finance

Homeowners across the country flocked to secure cheap remortgaging deals for the Bank of England rate hike this summer.

In July, 46,000 remortgages were completed, an increase of 23.1 percent compared to the same month a year earlier, figures from UK Finance show.

With so many homeowners rushing to get a good deal before the long-awaited interest rate hike in August, residential remortgaging levels have reached their highest level for more than a decade.

Defeating the walk: 46,000 remortgages were completed in July, says UK Finance

Defeating the walk: 46,000 remortgages were completed in July, says UK Finance

In July alone, £ 8.7 billion of remortgaging deals were completed, up 26.1 percent year-on-year.

On August 2, the Monetary Policy Committee of the Bank of England voted for an increase in interest rates from 0.5 percent to 0.75 percent, the highest figure since March 2009.

Although the decision might be good news for savers, this also meant that approximately 3.5 million people with variable or tracker mortgages would pay more.

While many banks and mortgage banks quickly published new higher mortgage rates in the light of the rise in interest rates, they have come out of the starting blocks much slower when it comes to stimulating deals for savers.

Numbers: Remortgaging activity in the UK since July 2017, according to UK Finance

Numbers: Remortgaging activity in the UK since July 2017, according to UK Finance

Numbers: Remortgaging activity in the UK since July 2017, according to UK Finance

The figures from UK Finance also show that 14,700 new buy-to-let remittances have been completed in July, an increase of 7.3 percent compared to the same month a year earlier.

Jackie Bennett, director of mortgages at UK Finance, said that the & # 39; substantial & # 39; Growth of buy-to-let remortgaging showed that while recent changes in taxes and regulations affect new purchases, many existing landlords remain on the market. & # 39;

In the market for first-time buyers, 31,400 new mortgage deals were taken out in July, which is only 1 percent more than at the same point a year ago.

The average first-time buyer is 30 and has a gross household income of £ 42,000, according to UK Finance. The average loan that is paid out to starters is around £ 145,000.

Mrs. Bennett said: "The number of starters has fallen again to a modest annual growth.

However, affordability remains a challenge for many potential borrowers, underlining the importance of clarity about the future of schemes such as Help to Buy. & # 39;

Upward trend: the figures from UK Finance show that there were 14,700 new buy-to-let remortgages in July

Upward trend: the figures from UK Finance show that there were 14,700 new buy-to-let remortgages in July

Upward trend: the figures from UK Finance show that there were 14,700 new buy-to-let remortgages in July

Earlier this month, it was reported that the government wants to credit help with purchases, with critics of the initiatives that claim to push up house prices and help the rich.

It is not surprising that home libraries, many of whom have seen their profits rise by selling in the Aid Market, want the schedules to continue and argue for clarity when they can end or be extended.

Commenting on the British figures for UK finance, Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "The interest rate increase in August was well marked in advance, with many borrowers using the opportunity to re-mortgage. take a fixed interest rate and save yourself from a walk in mortgage payments.

& L; Lenders continues the re-mortgage business in court in the autumn, with Barclays, one of a number of banks, lowering its prices for its reinsurance products.

On the buy-to-let side, re-mortgage lending is also becoming popular, with landlords keen to maximize their profits from their portfolios in order to compensate for higher tax charges.

The sector has not lost its appeal to many existing landlords, but it is a smart move to think carefully about how portfolios are managed. & # 39;

Jeremy Leaf, a broker in North London and former chairman of the RICS, said: & # 39; The level of remortgaging is not surprising given the imminent and well-signposted rate hike.

What is more worrisome, however, is that, although their number is rising, starters have not been able to benefit from the decline of buy-to-let activities.

Further walks? The Bank of England is not expected to raise interest rates again on Thursday

Further walks? The Bank of England is not expected to raise interest rates again on Thursday

Further walks? The Bank of England is not expected to raise interest rates again on Thursday

Homeowners are also reluctant to jump to the market, even in the traditionally busier spring season, although there are no signs of major corrections on the positive side. & # 39;

The Bank of England votes on whether the interest rate should be increased or remain unchanged on Thursday. Most analysts believe that interest rates will remain the same, with 9-0 voting for maintaining the status quo.

Kevin Roberts, director legal and general mortgage club, said: "Regardless of the Bank of England's decision of tomorrow, the era of low interest rates will not last forever.

& # 39; Those who come to the end of their mortgage term, or are even looking for their first mortgage, should now speak to a consultant to get a good deal, while rates are almost at a low level.

Not only can advisors offer a much wider range of products, but they can also provide buyers with the guidance and support they need when planning their first or next step on the home ladder. & # 39;

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