Homeowners Facing Affordability Issues as Financial Storm Looms in the Horizon

Perhaps there has been no better time to shop for a remortgage this month. The current week and last has seen lenders bringing new remortgage products on the market for homeowners to choose from with some offerings involving attractive incentives. For instance, one lender is not only offering a competitive interest rate, but also cash back of £1,000 to the borrower. Lenders are anticipating a higher demand for remortgages as the Bank of England’s Monetary Policy Committee (MPC) meets on 2 February to likely increase the standard base interest rate. It is expected that homeowners yet to obtain a remortgage will feel the pressure of higher rates and seek to find relief for their budgets.