UK Housing Market Prime for Remortgage Plans to Help Household Budget
The UK housing market is sitting at a place in time prime for households to consider a remortgage to potentially make a significant difference and create a more promising future. Lenders are in a wait and see period and so are many households. Attractive deals are still available ahead of the rise in base rate which is expected to take place in the next few months.
The base rate is expected to increase by the first few months of 2016 and UK households are in a fine position to remortgage at this time. Many lenders are holding off on raising rates on remortgage products as well as many original loan lending products.
Households could potentially see massive amounts of monthly savings off the cost of their mortgage payments. In addition, it is possible to free up the cash which is stored in a home as equity. Both create an attractive picture for the short term as well as the long term.
Obtaining a remortgage is all about securing a fixed rate deal with an equal or lower interest rate. It is also about taking advantage of the equity paid into a house over time. Equity which could be put to good use for taking care of old debt, renovating a house, or take a much-needed holiday.
A remortgage is a favourable mortgage lending product which is available to house owners looking to remain in their house and secure a lower monthly mortgage payment along with a fixed rate providing protection from rises in interest rates in the future.