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Mortgage advisers expect 25% leap in remortgaging

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28/08/2014
Mortgage brokers expect to see a large increase in remortgage business when the Bank of England chooses to increase the Bank Base Rate.

This month two members of the Bank’s Monetary Policy Committee voted for an increase in the Bank Base Rate (BBR).

Minutes from the most recent meeting showed members Ian McCafferty and Martin Weale both argued for an immediate increase in the BBR from its record low level of 0.5%.

However the remaining seven members, including governor Mark Carney, stated there was as yet insufficient evidence to justify a rate hike.

The latest poll carried out by yourmortgage.co.uk‘s sister title mortgagesolutions.com asked brokers how much extra business they felt a rate rise would generate with two-thirds (66%) expecting an increase of 25% or more.

A further 23% said they expected an increase, albeit less than that amount, when the central bank hikes rates. Just 11% of respondents said they expected a BBR increase to have no impact on their remortgage business.

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