Uncertainty Provides Strong Support for Remortgage Now
Remortgage demand went off the charts in January of this year. More than 50,000 home owners sought out approval of what has become a major tool to assist those in search of saving money and get ahead. The level of remortgage approvals has not seen this amount of fervor in eight years, and with rate rise speculation swirling, this year could go down as one of the strongest remortgage years ever.
January came in this year and saw home owners clawing to find a new deal on their mortgage arrangement. After seeing what happened in the Monetary Policy Committee meeting last November, they were keen to complete an application. During that early November meeting, the standard base rate was hiked 0.25% to reach 0.5% once again. Remortgages increased almost 20% compared with the same month last year.
This did not surprise housing specialists who saw economic factors in support of such a move. The forecast for the rest of this year is more of the same – an above average demand for remortgage.
Now, with the latest romours circulating regarding a potential August increase in interest rates, remortgage could be prime once again to see a major surge in demand.
No house owner is comfortable with the term “uncertainty”, and with good reason. In the middle of a weighty decision, factors supporting such a move need to appear stable and resistant to change. This is not the climate currently within the UK housing market and unfortunately things are not expected to change drastically anytime soon. Experts urge those who are considering a move towards remortgage to act now instead of feeling regret later.