Remortgage Now to Avoid Higher Monthly Mortgage Payments

Remortgage Now to Avoid Higher Monthly Mortgage Payments

All indications are pointing to a rise in the standard base rate as early as a few weeks from now. This will create stress and strain on many household budgets which are not ready for such an increase. Lately we have seen inflation take hold and many of life’s everyday expenses go up. This is making the cost of outgoings increase each month with regard to petrol, groceries, and more. A remortgage now could be the best solution to stifling the continued rise of expenses in the home.

A rise in the standard base rate a few weeks from now could mean an increase in the cost of the monthly mortgage for many households. Since the mortgage payment takes a large amount of what the typical household takes in each month, there is cause for concern.

The Bank of England has stated more than once the base rate will likely increase sooner rather than later in an effort to keep inflation under control. A rise will help keep inflation under better control, but it will also add to the cost of many mortgage payments.

A fixed rate remortgage now can offer some insurance for future days when rates rise again. For many holding a tracker mortgage or standard variable rate mortgage, the time has come. A remortgage could make a difference and keep a great deal of stress and strain from occurring.

Several lenders have already started raising rates on mortgage lending packages. Now is the time to make a difference in the amount of strain and burden a monthly mortgage payment can place on a household budget.

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