This month two members of the Bank’s Monetary Policy Committee voted for an increase in the base rate.
Minutes from the most recent meeting showed members Ian McCafferty and Martin Weale both argued for an immediate increase in the bank rate from its record low level of 0.5%.
However the remaining seven members, including governor Mark Carney, stated there was as yet insufficient evidence to justify a rate hike.
The latest Mortgage Solutions People’s Poll asked brokers how much extra business they felt a rate rise would generate with two-thirds (66%) expecting an increase of 25% or more.
A further 23% said they expected an increase, albeit less than that amount, when the central bank hikes rates. Just 11% of respondents said they expected a base rate increase to have no impact on their remortgage business.