Remortgage is now one of the most sought after mortgage lending tools by percentage of total mortgage lending. It has been in high demand since the late part of summer last year and has not slowed down. An increase in the standard base rate in the month of November 2017 prompted a wave of home owners to seek a remortgage and that wave keeps crashing to shore. Many home owners are now in limbo waiting to see the fate of the base rate. Experts are urging those who have not acted to consider doing so soon. The approval process has become faster but still does not take place overnight.

Housing experts are sending out a word of caution. Although the remortgage approval process has become streamlined, waiting too long could result in a missed opportunity. What used to potentially take more than a month is now possible in a few weeks. During these uncertain times this should be thought of not as a rule of thumb, but as an exception to the rule.

A possible increase in the base rate is possible by the end of the year. Many house owners are now watching the market for a whisper of a potential increase in interest rates and at the same time waiting to act on a remortgage. This could result in a missed opportunity due to the inability of a lender to act as fast as they could during normal times. At the time an increase is announced, a flood of remortgage applications will likely pour into the offices of many lenders. This could potentially slow down the approval process.

Experts suggest giving the entire remortgage process six to eight weeks for completion. Rates are currently at historic lows. Many housing specialists are urging those who have not acted to consider doing it soon. The message is clear. Remortgage now with low rates and don’t miss an opportunity.