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Remortgaging at a 19-month high

The number of remortgages rose to a 19-month high in February as home owners braced themselves for interest rate rises.

A total of 27,144 people switching to new deals had loans approved during the month – the highest level since July 2009, according to the British Bankers' Association.

It said homeowners appeared to be keen to take advantage of the competitive deals available, as recent high inflation figures have stoked expectations that the Bank of England may raise interest rates sooner than expected.