Remortgage demand has seen more growth across the country during the first quarter of this year than in many years prior to 2018. According to data surfacing recently, growth in demand increased in a major way for London, Scotland, and Wales in the first three months of the year. Many housing experts pointed to the possibility of hikes in interest rates as the main catalyst for an increase in remortgage. Others simply see this period as an excellent opportunity to save money by securing a new deal through remortgage and obtain a lower interest rate.

The possibility of a hike in interest rates is gaining more probability as housing experts are forecasting a potential increase taking place in the month of August. Due to economic factors, an increase did not take place earlier this year. Inflation had slightly subsided causing the central bank to hold off on increasing the cost of borrowing money.

Remortgage is being suggested by many housing experts as the summer selling season is in full swing. There is an opportunity which currently exists for all home owners. That opportunity includes possibly obtaining a lower interest rate and gaining access to cash.

There is the possibility of the window of opportunity closing. Demand for remortgage will potentially grow as whispers of a potential increase in rates become louder. Lenders are able to move at a speed which meets demand of applications for remortgage. Whilst demand increases, their speed must increase as well. Sometimes demand increases the time it takes for approvals. That is what home owners are currently facing. Waiting to see if rates increase could make it impossible to obtain a lower interest rate. Experts suggest acting now is the wisest move.