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30% of remortgagors fear rate rise


30% of remortgagors fear rate rise

Nearly 3 in 10 remortgagors believe that interest rates are going to rise, according to LMS.

A survey conducted by the property services outsourcing company revealed that the figure has increased significantly during the course of the year, from 16% in February to 28% in August.

Just 2% of remortgagors think rates will decrease.

Andy Knee, Chief Executive of LMS, said: “Competitive offers and the threat of a base rate rise continue to drive remortgaging activity as winter approaches, even though an increase before the end of the year now appears unlikely.”

“That said, it is better for borrowers to take the necessary measures in good time rather than be caught off guard when rates do rise.

“It remains worrying that we have a new generation of borrowers who have not experienced anything other than record-low rate mortgages who may be ill-placed to adjust when rates do rise, but hopefully the affordability requirements within the Mortgage Market Review will lessen this impact.”

Of those increasing the size of their loan, more than 1 in 4 chose to remortgage and spend the money improving their home, while 6 in 10 opted to pay off their debts.

 





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