Today could be Optimum Time to Obtain Remortgage
The Bank of England has recently made the decision to leave interest rates at their current level and not increase the base rate. Although there has been much discussion in regard to the possibility of a rise in rates, July will not be that month. Interest rates remain at historic lows and according to many close to the housing market, rates will not likely improve. This is more than likely a prime time to consider moving from a SVR of the current lender to a fixed rate mortgage lending product. In fact, recent data supports the claim that home owners could save more than £6,500 over a three year period.
Saving money is not easy. In today’s economy it seems everything costs more or will cost more in the coming months. That is why it is so important to take advantage of opportunities when they do appear. In the eyes of many close to the housing market, remortgage could be that opportunity many home owners need to take advantage of.
There is speculation from many that there will be a hike in interest rates by the end of year. Of course, no one can predict the future, especially with the possibilities hanging around Brexit. But, housing experts see this time as potentially the optimum time to consider a new mortgage loan product.
Rates are now remaining at this level at least for another month when the Monetary Policy Committee of the Bank of England convenes for the August meeting. At that time, it could be too late to take advantage of moving on to a fixed rate loan.