New Year Expected to be Filled with More House Price Increases and Remortgages
Young first time buyers will see a repeat of 2015 in regard to affording a house deposit. There is mounting evidence that house prices will not experience a decrease, but in fact will increase across the country, especially in the capital city of London. According to the Office for National Statistics, house prices will likely rise about 6% creating a similar environment for those seeking to purchase a home. UK house prices have risen sharply over the past few years.
As house prices are expected to rise in the coming year, remortgage activity is expected to remain at an above average level. Many house owners have chosen to remortgage within the past few months after the news of the interest rate rise coming around the spring of next year.
A remortgage has come into the spotlight recently as quite an advantageous mortgage lending tool to improve the overall financial picture of any household. House owners have been faced with making a decision recently about whether to remortgage or possibly move home. Those obtaining a remortgage have found an extremely low fixed mortgage interest rate product available to them. This has made it possible to potentially save hundreds and in some cases thousands of pounds each month off the cost of a monthly mortgage.
The process of obtaining a remortgage has become a simple one in recent years. Deals can be researched online as well as compared online. A new mortgage can be easily secured in just moments compared to the process of old.