Remortgage Wise Choice in Rough Waters of UK Housing Market

Remortgage Wise Choice in Rough Waters of UK Housing Market

UK house owners considering a remortgage are being placed in a unique personal situation currently. Home ownership is down to a point it has not seen in thirty years. This could be due to inflation or the fact that home ownership is so difficult for first time buyers due to high cost. Whatever the reason, those looking to remortgage are caught these days potentially thinking it is better to sell instead of remortgage. Brexit and other occurrences last year has caused much uncertainty for what will come next.

A remortgage can calm waters when the sea is rough. Many house owners facing the switch to a lender’s SVR can rest easy these days, according to many close to the housing market. Interest rates are at a low level which is making remortgage more attractive than ever before.

The base rate now sits at 0.25% which follows a reduction of the rate last year from 0.5%. This reduction has now made it possible for lenders to compete within the market like never before. Deals on the table currently are not just attractive for many house owners who are applying for an obtaining remortgages, they are simply cost-saving.

House owners across the country are taking advantage of deals being offered and are seeing immediate results. Some have seen their monthly mortgage payment be cut by hundreds of pounds. At the same time the mortgage payment is reduced, access to valuable home equity occurs. These funds are being used to pay off old debt, begin home renovations, and start retirement nest eggs.

So, home owners are sitting in an agreeable situation among the uncertainty. A remortgage can settle waters at a time when the next trend is not surely known.

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