Manage Unpredictable Future of UK Housing Market with Remortgage Now
Results of the Brexit vote last year for the UK to exit the EU surprised many. A vote in which the outcome was certain for most turned out quite different. This has led to uncertainty about the future of many parts of the economy, namely the UK housing market. Those who were planning to sell or buy quickly put their action on hold and are now waiting to see the outcome of Brexit negotiations. In one swift moment of time, everything about the future changed. Unpredictability of events is exactly why many housing specialists are urging house owners to remortgage now.
Many close to the daily churn of the economy are expecting an interest rate hike in the coming weeks. This has been in the headlines since the Bank of England began discussing it weeks ago in response to a creeping inflation rate. In order to curb inflation many expect the central bank to hike the interest rate at least 0.25%.
The increase in the country’s base rate will quickly lead to increases in interest rates connected to lender deals. Thus, the everyday house owner could likely see interest rates edging upward starting in the next few weeks. Some lenders have already started raising rates on deals.
Uncertainty regarding the future in the housing market is now a staple of daily news. Housing experts are sending the message loud and clear. The fact that interest rates are low today means nothing about tomorrow. An unpredictable future is before us and conditions could change at any moment.