Deadline to Remortgage before Rates Rise Drawing Near
The Brexit vote has had an impact on the housing market creating many to shelve their buying or selling decisions until later. New taxation and lending criteria have also made waves within the market over the past several months. But, nothing will make waves like a potential interest rate hike which is expected to happen this week. The Bank of England has hinted at the possibility for weeks and the time has come. For those who have not remortgaged, the time to do so is now, according to housing experts.
An end to many of the best fixed rate deals through remortgage is coming, according to those close to the housing market. House owners who have yet to obtain a fixed rate deal could be paying more for the monthly mortgage next week.
The central bank has indicated in recent months that it will potentially hike interest rates in order to curb inflation. The inflation rate hit a new high of 3% during the month of September. This is far from the goal of 2%.
House owners can still find that deal which best suits them and possibly still find the interest rate they are looking for. Although many lenders have moved rates up in anticipation of the base interest rate hike, there are still many attractive deals on the table.
The remortgage has moved to the front of the pack for its ability to save money and grant homeowners access to valuable home equity in the form of fast cash. The process to remortgage is now extremely fast and efficient and can be done entirely online.