Attractive Remortgage Deals are Still Available in Short Supply
An increase in the base rate is coming. According to the Bank of England it is coming more than likely at the beginning of next year. This increase in base rate will have an immediate, if not sooner, impact on interest rates across the country. Money will cost more to borrow and mortgage loans will be included in those loans. Many house owners are still sitting on the fence in regard to obtaining a remortgage. Although in short supply, there are still attractive deals on the table.
It’s important for all house owners to take an inventory of their monthly payouts and realise where their money is going. A mortgage typically makes up 40 to 70% of the monthly income of a household. In order for house owners to make a significant impact on the financial balance sheet, they must take a look at a remortgage.
A remortgage is a mortgage lending tool which is not widely known, but becoming more popular as time goes on. It has the ability to lower monthly mortgage payments, at the same time free up valuable equity which has built up over time through payments on a property. This cash can be used for a kitchen renovation, to pay off old debt, or take a much-needed holiday.
Interest rates will be rising soon according to the Bank of England. House owners still have time to secure a fixed rate mortgage lending product through a remortgage. This could lead to saving money off the cost of the monthly mortgage payment and taking that holiday which has only been talked about to this point.