UK household owners cashed in on cheaper remortgage rates in the last quarter of 2021, according to data.
Information released by The Bank of England found nearly a third of the mortgages paid out to owner-occupiers were remortgages, the highest share since the start of the pandemic.
£27.3bn worth of remortgages were also agreed for the coming months, the largest amount in three years.
Banks and building societies have pulled more than 500 mortgages from sale in the last month, according to Moneyfacts, a financial information service, with interest rates set to rise.
“Property owners realised that the era of cheap mortgages deals was coming to an end, so now was the time to get a new fixed rate deal while they were still around,” according to Sarah Coles, a senior personal finance analyst at Hargreaves Lansdown.
“Overall mortgage lending fell towards the end of the year, but we already know this was a blip because January figures have revealed buyers are still keen.”
“Despite the recent rises, mortgage rates are still incredibly low, and with lockdown savings burning a hole in some people’s pockets, there are still compelling reasons to buy.”