An Intermediary Mortgage Lenders Association (IMLA) poll suggested 11% of advisers also expect another rate rise before the end of the year.
Over three quarters of remortgage applications via intermediaries resulted in a completion during Q2 2018 – up from 70% in the previous quarter – as activity spiked ahead of the Bank of England’s widely-anticipated rate rise to 0.75%.
A similar spike in activity occurred in Q3 2017 – ahead of the first rate rise in a decade in November, from 0.25% to 0.5%.
The IMLA research, which harnesses data from BDRC Continental, revealed almost nine out of 10 mortgage offers involving cases placed through brokers led to offers.
Progress of remortgage applications to offers and completions
Borrowers spurred to action
The volume of remortgages in June also increased by 8.4% compared to a year earlier, as homeowners prepared for the Bank of England’s decision.
Kate Davies, executive director of IMLA, said: “While customers who remain on tracker and standard variable rates are having to adjust to a second increase in monthly loan repayments in twelve months, competition in the market remains strong and should ensure keen and competitive pricing.”