According to new figures from the Bank of England, the mortgage market is hotting up.
With rates at rock bottom, people are taking the opportunity to either get a mortgage or re-mortgage their existing loan. Predictions of an interest rate rise have also led to more sign-ups for new mortgages.
Lending went up to £2.6bn in June 2015 from £2.4bn in May. That’s the highest figure since July 2008. There were 36,620 homeowners re-mortgaging in June, which shows that sometimes switching from one lender to another can be a financially savvy move. That figure was at its highest since February 2011.
Further evidence that things are getting competitive among the banks in the mortgage market comes from the Mortgage Advice Bureau. It says that the total number of mortgage products surpassed 14,000 for the first time in over six years.
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