UK Banks and Lending Societies Prepared for Remortgage Applicants
The New Year is here, and with it the race to obtain a fresh new remortgage product to defend against rising interest rates within a few months. Banks and lending societies are setting up a perfect scene for who can get to them first. They are pulling out all the stops and offering many attractive deals to those house owners who waited until the New Year to search for a new mortgage lending product.
Remortgages are prime to become the hottest item of the first quarter of the New Year. Warnings about a hike to interest rates are being heard loud and clear and house owners are ready to do something about them.
Many have been waiting until the beginning of the New Year to make a move and the time is now. House values have increased which aids in the amount of home equity available at the time of approval. The past few months have seen quite a few house price increases with little to no end in sight. High demand is continuing to place upward pressure on house prices and this month will be no different.
A remortgage has become a popular type of mortgage lending product and for good reason. It gives house owners the flexibility to secure a fixed rate product along with access to home equity for varied uses. Remortgagors are able to take home equity as part of the process and use it for home renovation, paying off old debt, or even taking a much-talked about holiday.
Remortgages can now be applied for and obtained online at any time.