Financial Times - Chart that tells a story — the rush to remortgage
Expectations of an earlier rate rise have been building for some time, with hints in the spring that the Bank of England was ready to consider a rise earlier than the markets had expected. The change in mood prompted some lenders to push up rates, though the picture remains mixed and deals are still highly competitive in historical terms.
“Some lenders are raising their rates and then lowering them again a few weeks later,” said Aaron Strutt, product director at broker Trinity Financial. “Lending targets play a big part in pricing and if the banks and building societies want to attract more borrowers they tend to keep their rates as low as possible.”
One big bank warned the broker it would withdraw its lowest rates a few weeks ago, he added, but they remain available.
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