David Blake, of Which? Mortgage Advisers comments on LMS‘s report about remortgages almost doubling in July 2015 compared to last year, due to possible hikes in interest rates:
After recent talk of a potential interest rate rise, the market has seen a surge in the number of people remortgaging.
This may have an impact on service standards as lenders try to handle an increase in the amount of business received.
As a result of this we could start to see lenders increasing their mortgage rates as a way of controlling business volumes.
I would urge anyone who is thinking about remortgaging or buying, to explore their options as early as possible.
Act now to explore the best deals available.