According to new figures, there has been a rise in remortgaging loans as homeowners predict interest rate rises.

Research by CML, (Council of Mortagage Lenders) found there were nearly 34,000 remortgage loans advanced in March, this figure was 16 per cent higher compared with February and a further rise of 17 per cent on an annual basis.

Mortgage approvals for house purchases also climbed by 24 per cent in March but was 17 per cent lower annually.

Remortgaging has remained fairly low key during the period of low interest, however higher inflation over the last few months has led to speculation that interst rates will be lifted.