Figures indicate that speculation of an interest rate rise appears to be encouraging more homeowners to secure a revised mortgage deal.

Approved re-mortgages in July 15 reached a 7 year high, the Bank of England data show.

Mortgage approvals for house purchases also rose to its highest in 17 months.

Both continue to be far from the peak of housing market activity, but suggest an assumption of imminent rate rises.

The situation in China’s economy created a shock with various analysts suggesting a rise in the Bank rate in the UK could be delayed as a consequence.

Yet UK homeowners have been increasingly signing up to mortgage deals, especially remortgages, in anticipation of a rate rise.


Source:  BBC Business