UK Remortgage Searches Increase 40% Following Bank of England Interest Rate Rise: Twenty7tec

UK Remortgage Searches Increase 40% Following Bank of England Interest Rate Rise: Twenty7tec

Report

The UK mortgage market is showing signs of life following the Bank of England’s decision to raise the base rate of interest. According to a report from Twenty7tec, searches for remortgages in the UK have increased by 40% since the announcement.

The Bank of England’s decision to raise the base rate of interest from 0.5% to 0.75% was made in August 2018. This was the first change in the base rate since 2009, when it was lowered to its historic low. The move was made in order to help keep inflation under control and encourage economic growth.

The Twenty7tec report shows that the increase in the base rate has had a positive effect on the UK mortgage market. Searches for remortgages have increased by 40%, with more people looking to take advantage of the lower interest rates. This is a sign that people are feeling more confident about their finances and are looking to take advantage of the lower rates.

The report also found that the number of people searching for mortgages has also increased, albeit at a slower rate than remortgages. This could be due to people feeling more secure in their current mortgage arrangements and not wanting to take on additional debt.

The report also found that the average loan size for remortgages has increased by 4%. This could be due to people taking out larger loans in order to pay off existing debt or make home improvements.

Overall, the report shows that the Bank of England’s decision to raise the base rate of interest has had a positive effect on the UK mortgage market. People are feeling more confident about their finances and are taking advantage of the lower interest rates. This could lead to an increase in economic activity and help stimulate growth in the UK economy.

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