New Start of Year Offers Opportunities and New Outlook for Homeowners
January is the month in which most people look to organize their homes, their lives, and their goals. The first part of a new year allows one’s outlook to take on tasks and goals that have been put off as too lofty or too stressful to address. Losing weight, getting healthier, starting training and education for a new career, and other visions become the focus. It is also a time to take one’s financial standing and future into account.
Homeowners could reflect on their current mortgage deal. They could question if they are paying the very best interest rate they can or if they are paying more than they have to each month. There are those that could consider whether it is the right time to end a current mortgage deal for a better one, if there are savings to be found with a lower interest rate, or if a fixed rate at a longer term could protect against rising interest rates.
The Bank of England is expected to increase the interest rate again this year and possibly doubling the current rate of 0.50% to 1.0%. That could involve a higher cost for millions of homeowners, especially those that have had their mortgage deal end and have moved over to their lender’s standard variable rate (SVR).
With a new year in front and endless opportunities to put one’s life in a better position by the close of 2018, homeowners might indeed want to shop around and determine what benefits could be had with a remortgage in the first part of this year.