Many UK house owners are currently struggling with several housing related issues. There is a high probability interest rates will likely increase before the end of the first quarter of next year. This will immediately lead to a higher monthly mortgage payment for those owning a standard variable rate mortgage lending product. The choice then becomes a simple one, but one which could ultimately end up being quite costly. Do I stay in my current residence or sell and buy something more affordable?

House owners looking for a possible solution to managing the issue of higher interest rates coming in the next few months could look to a remortgage. It is a mortgage lending tool which makes it possible to stay in an existing residence and deal with the issue of rising interest rates

The Bank of England has laid out the next few months and those months include a rise in interest rates. The base rate has been at an extremely low level for years now and economic conditions have improved enough to warrant an increase in rates. The increase is a way to curb the chance of a rise in inflation.

Those obtaining a remortgage would have the opportunity to possibly remain in their current living arrangement and also secure the protection of a fixed rate for the future. Along with saving money off the current cost of a monthly mortgage payment, house owners could free up valuable equity which has accrued in a house through monthly payments. That equity could be used for renovations, a much-needed holiday, or to pay off old debt.

A remortgage is a tool with a shield of security built in which most home owners are still not aware of. A rise in interest rates is coming, but a remortgage could offer the protection many house owners seek for the long term.