The latest figures from LMS regarding house owners remortgaging paint a telling picture. House owners are urgently making an effort to lock into a mortgage lending product which will give them an opportunity to possibly save big money before the rate rise, which is estimated to be taking place early next year. Almost 47,000 house owners remortgaged within the month of July. This is almost a 90% increase compared with the same month of 2014.

During the time period of June to July, more remortgages were completed than at any time since November of 2008.

House owners are not taking rumours of an increase in base rate lightly. Since the Bank of England made the announcement weeks ago, house owners have been actively researching an applying for remortgages at an exceptional rate.

Andy Knee, chief executive of LMS, commented on the recent surge, saying: “Remortgaging has come back with a bite in July, following sluggish levels of activity throughout the latter part of 2014 and first months of 2015.

“We are confident these levels will be maintained with a steady stream of customers for the remainder of the year as record-low affordability encourages borrowers to lock in competitive rates.”

Knee added: “Despite news that a base rate rise may be on the cards, lenders have not hiked rates and there are still many excellent deals to be had as lenders compete for business. But these will not last forever and borrowers should consider remortgaging now to avoid missing out.”

Steve Smith, mortgage broker from specialists S4Financial, commented on the fine products available through a remortgage, saying: “There are many attractive two year fixes now coming to maturity and this will be a large part of the reason remortgaging boomed last month.

“The warning of pending interest rate increases has also played a part – and people are capitalising on withdrawing equity through remortgaging.”