Remortgage Hot in Comparison to Other Areas of UK Housing Market
The wake of Brexit and the UK absent from the EU has created a changing dynamic within the country’s borders and specifically the capital city. In recent months, the London property market has gone from one of high demand and constant increase in value to that of lack of supply and falling property prices. Many who were once seeking residence within the city limits are now looking at the outlying areas and beyond. Purchase of London property has gone from hot to cold. One area within the housing market which lies on the other end of the spectrum is remortgage. It is hotter than ever.
Remortgage carries with it an interesting history. Several years ago seen as the least most popular of most lending tools, remortgage is now sitting on the top as the highest percentage of mortgage lending. This status is expected to remain this way until lending rates start to inch up.
A hike in interest rates is the most certain method to curb inflation. Rumours are now circulating that a hike in interest rates could happen as early as November. The Bank of England has been making statements to this effect for weeks and many housing experts believe interest rates will likely rise.
Remortgage is now front and center as a strong tool to help cut monthly mortgage payments and ensure protection against a rate hike in the future. Applying for a remortgage is now a simple process and can be done completely online. Low rates are now available on many deals designed to fit most financial scenarios.