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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Remortgaging `on the increase` due to rate hikes

12/06/2007

More Britons have been choosing to remortgage due to recent base rate increases by the Bank of England`s monetary policy committee, according to new research.

Those who have chosen this type of debt consolidation rose by 50 per cent during May, a survey by Spicerhaart Financial Services reveals.

Increased financial pressure may have prompted some homeowners to release some equity in their property, while others may have wanted to get hold of a deal before another interest rate increase, the study suggests.

"Rising interest rates have pushed up mortgage repayments and put a strain on consumer finances," Steve Cox, operations director of the company, remarked.

"This has resulted in a substantial rise in the proportion of borrowers choosing to remortgage their property to secure future monthly outgoings."

Some borrowers who are facing the end of fixed-rate deals are also seeking to remortgage their property for protection from future interest rate hikes, he added.

The average outstanding mortgage in the UK is £95,871, according to Credit Action.

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