Rather than Endure Higher Repayments Homeowners Encouraged to Shop for Remortgages

The forecast for the UK housing market is for a cooling down from the past few years of tremendous growth. During the pandemic and the race for space buying frenzy that resulted, home buyers showed such a strong demand that records were broken month after month. Hopeful home buyers remained despite the higher asking prices due to historic low interest rates. For much of the previous two years, the Bank of England’s standard base interest rate had been at almost zero at 0.1% making borrowing more affordable than it had been in generations.