The last few months within the UK housing market have produced some significant swings in the key sectors relating to lending. In the middle of last year, mortgage lending was in heavy demand and house sales were strong. Remortgage activity remained robust through the entire year and then spiked heavy just prior to the November increase in interest rates taking them from 0.25% to 0.5%. Now, just days prior to the next forecasted hike, weak Q1 data has created a scenario which does not support an increase in rates, according to many housing specialists.

The Bank of England has commented on the meeting of the Monetary Policy Committee next week. Their words have indicated there will not be a hike in interest rates and the next hike will likely not take place until later in the year. This is good news for borrowers and not such good news for savers.

Through the last three quarters, remortgage has remained strong and is expected to stay that way for the rest of the year. Home owners have taken advantage of the benefits of remortgage and made powerful strides to lowering their current monthly mortgage repayment amount. This not only relieves stress and strain, but also makes it possible to afford other monthly outgoings more easily.

Remortgage also paves a path to paying off old debt, or starting a home renovation through access to cash. This feature alone makes remortgage an option to look into.

A delay this week in hiking interest rates just gives more time to all the home owners who have not taken the opportunity to obtain a remortgage. Now is the time to act according to housing experts across the country.