Remortgages increase despite Carney rates pledge

By Natasha Adamson

New figures from the Bank of England show that mortgage approvals for remortgaging increased last month, despite many commentators suggesting that Mark Carney's pledge not to increase rates until unemployment fell significantly would encourage most home owners to stay with their current product.

The figures show that there were 36,225 remortgagors in Northern Ireland and the rest of the UK in the month of August - up from an average of 31,629 over the previous 6 months. There is no doubting that many mortgage borrowers have taken confidence from Carney's announcement linking an interest rate increase to a fall in the rate of unemployment, and are continuing to overpay on their existing monthly mortgage payments with a view to increasing their equity share.

However, director of mortgage services for LSL, David Copland, says that mortgage brokers may be advising their clients that now is the right to time to switch to fixed rates, and certainly the increase in new mortgage approvals for remortgaging suggest that people are seeing a benefit to switching products.

If you are remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.