The number of remortgage approvals being made jumped to a
nine-year high just before the Bank of England base rate was hiked in November,
figures show. Some 51,593 remortgage approvals were recorded by the Bank of
England in October - the highest figure since October 2008. On November 2, in a
move that was widely anticipated, the Bank of England base rate was raised from
0.25% to 0.5%, meaning some variable rate mortgage holders faced the prospect
of higher costs. Many homeowners may have been looking to remortgage to a
cheaper deal in the weeks leading up to the base rate hike. Read more n the
Belfast Telegraph website.
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