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In addition, mortgage rates often work cheaper than borrowing on a credit card. Remortgages are mainly for saving money by replacing your existing mortgage with a new one that carries a lower interest rate. Re-mortgage dealing is a hurry to get cheap prices.

REMORTGAGING permits leapt to a nine-month high in August as house owners meddled in good business as interest rates rose, a review has found. Overall, 30,868 loans were authorised last month, as the Bank of England lifted the key interest from 0.5 to 0.75 per cent, thus raising the costs of some floating mortgage loans.

This was the highest value since the approval of 33,375 mortgages last November. The UK Finance also says that 39,402 mortgages were granted in August, a slight decline from 39,619 in July. Peter Tyler, Director, said: "Debt restructuring dominated in August as well, as home owners took advantages of a highly-competitive market to conclude contracts.

In August, expenditure on the use of cards was 7.6 per cent higher than in the previous year, with remaining balances on loans increasing by 5.8 per cent year-on-year. ark Harris, chief of SPF Privat Client, said: "With the number of home loans in August, this may partially account for why a number of creditors are continuing to lower the costs of their best home loans, despite last month's interest rates hike.

Barclays, HSBC, Halifax and TSB have lowered the costs of fixed-rate operations and Mr Harris anticipates that this will go on as creditors try to "boost" the deal before the end of the year.

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