Economy Prime to Obtain a Remortgage before Rise in Interest Rates
The last few years have been quite up and down for British homeowners. The economy witnessed the end of a great recession, recovery, and now the collective breath of a nation sits idly by to see what is going to happen with the base rate which will affect interest rates at every turn. Hesitation to make any major moves has been popular among people of all ages. The one common denominator through these recent years has been that people have built more equity in their homes, and that will make it easier to remortgage.
The UK housing market as well as the economy in general is looking bright and many experts are predicting a strong end of year for both. The issues which mar both of them are challenging to say the least, but many solutions are being planned and scheduled for execution.
Personal borrowing has reached a rate not seen since the fall of 2010, and that represents a great deal of confidence in the market. In May, data released indicated a 5% annual growth in personal borrowing had taken place.
Richard Woolhouse, chief economist at the BBA, commented on personal borrowing, saying: "Household borrowing remains robust and this is indicative of the wider recovery we're seeing in the economy.
"Personal borrowing by British families also seems to be strong - the uptake of personal loans and credit card borrowing is further proof of consumers' confidence."
According to many within and around the housing market, it is a perfect time to remortgage. The chance of an increase in interest rates is now greater for it to take place sooner, rather than later. It has never been easier to remortgage. An application can easily be completed online at any time.