In the past few years, remortgage has staked its claim to a significant percentage of overall mortgage lending, and with good reason. Benefits for homeowners of this financial tool have stretched far and wide and made impacts on household budgets across the country. For many home owners in fact, remortgage has brought a completely new feeling to the shoulders of those who need it most. That feeling is lower stress and hope of a greater financial future.

Mortgage lending figures from the month of June showed little growth. House prices have increased only slightly in the last few months and that has had little effect on the amount of demand which is being exhibited for house sales and therefore mortgage lending. What continues to lead the drive in the mortgage lending sector is remortgage activity. Housing experts believe remortgage activity will remain strong through the remainder of the year.

The UK is in the midst of a heatwave that is expected to break records. Not only is this summer to be one of weather records, but experts are suggesting this will become the new norm. Our summers could begin to resemble those experienced in more tropical climates, and yet our homes may not be prepared to offer us the relief we need.

With the next Bank of England Monetary Policy Committee (MPC) meeting to occur only weeks away at the start of August, there is a lot of speculation as to whether or not there will be a majority vote of members to increase the standard base interest rate. 

Will there be an interest rate hike by the Bank of England’s Monetary Policy Committee (MPC) next month or not? That is the question that everyone is asking and we will soon know when the MPC meeting occurs on 2 August. Months ago the answer would have been a strong “Yes,” and then the expectation changed to a “No.” Homeowners hoping to escape higher interest rates have probably accepted the negative answer and moved on, and yet there is now a strong expectation that the MPC will indeed raise the rate and if so it will catch many homeowners off guard.

The possibility of a rate rise looms over the UK housing market and the days are winding down to apply for remortgage. Many lenders are currently taking advantage of the time and offering special discounts and rates on administration fees. Borrowers are now able to check out a range of remortgage options before coming to a conclusive deal which suits them best. Rumors of a hike in interest rates are being taken to heart as many borrowers are counting down the days until the August meeting of the Monetary Policy Committee.