Interest Rate Rises:
John Bagshaw, corporate services director of Connells Survey & Valuation, comments relevant to this morning’s UK Finance High St Banking Statistics:
“Having benefited from a decade of low interest rates, consumers are sensing the risk that this era is nearing an end.
“Many older mortgage deals are expiring this autumn which will mean moving onto more expensive standard variable rates.
“As a result, homeowners on these deals are opting to refinance, taking advantage of the intense competition in the mortgage market right now.
“With so much economic uncertainty and hints of a base rate rise, many are choosing to lock into a lower rate to see them through the next few years.”
High street banking statistics: re-mortgaging approvals of 29,570 were well up on the monthly average of 25,577 over the previous six months and 20% higher than in September 2016.