Homeowners are expected to look more seriously at a remortgage in the New Year than perhaps they did last year. The reason is that there are still so many unknowns due to the beginning process of exiting the EU. There are also the issues concerning the global economy that will of course impact the UK economy and lending.

In the midst of all the uncertainties is also the issue of the Bank of England’s Monetary Policy Committee (MPC) coming under scrutiny concerning the historically low interest rates that in some opinions has contributed to the rising house prices in the UK.

Changes are on the horizon and how those changes will impact lending or interest rates directly are uncertain, but very important.

Homeowners needing a remortgage or even those that are in the middle of their mortgage deal and considering a switch should become hyper aware of the factors that could influence or even block their opportunities. They should also be very aware of how the remortgage process is a more timely procedure than it was years ago. The fact that it takes extra time to take a remortgage from start to finish makes it even more critical to be aware that lenders could pull their best deals from the table at any time.

Homeowners that could benefit from a lower interest rate and perhaps a long term fixed rate for years ahead are in an advantageous position at the moment with lenders opening their arms to borrowers with competitive deals and cheap interest rates. The New Year could be the perfect time for a new deal and as long as homeowners are aware of the possibility of changes as well as time being an important issue, then stepping on the journey to a financial safety net through a remortgage can be made a priority.