Those considering a remortgage are now facing a more relaxed process going forward. The Financial Conduct Authority, or FCA, has now changed the rules regarding mortgage lending. A remortgage is now more easily obtainable if it satisfies some new criteria. These new rules will make it possible for those in a seemingly difficult mortgage situation to find a way out through remortgage.
Homeowners have been pushing up the demand for remortgages. There are many reasons why remortgaging is popular currently. One push to homeowners is thought to be the low interest rates available from lenders. Another reason is that lenders are competitive and so not only are interest rates attractive, but incentives can sweeten the deal even more. Escaping the expected increases to interest rates from the Bank of England is also a very good reason to secure a new deal now.
Brexit woes within the UK housing market is causing many to shut down their decision making process at this time and just wait to see what happens. At a time when the entire country is waiting to respond to the Brexit outcome which is in the coming weeks, those on the fence within the housing market could be missing out on what many experts view as one of the best times ever to consider remortgage.
Those close to the UK housing market have had few words for what could possibly occur after Brexit takes place. Some believe the market could begin a violent spiral downward and take months to correct itself. Others feel there could be a flourish of activity and the market completely take off with little resistance in an upward trajectory. Recent data from the month of February has revealed the market could be just running along with business as usual.
The first quarter of 2019 is coming to a close. Spring weather is on the horizon and that normally brings a boost to the housing market. Whether the boost in sales will pick up the market or help carry it to heights not expected remains to be seen. The first quarter, too, might have its own surprises despite not being considered a time of year in which the housing market is favored.
The fate of interest rates for the month of April has been voted on in the latest meeting of the Bank of England Monetary Policy Committee. Unanimously, the committee voted to keep the standard base rate at the current level of 0.75%. This is the rate which has remained from August of last year. Prior to August, the rate was increased in the month of November in 2017. Interest rates have massive impact on mortgage lending as well as other consumer lending.