Bank of England Opens Window of Opportunity for Remortgagors with Cut to Interest Rates
The national base rate has been sitting at the historically low level of 0.5% for years. Many house hunters as well as remortgagors have enjoyed the savings associated with lower interest rates connected to mortgage deals. Those savings have endured and been quite valuable to many. The latest cut to the interest rate will now trump the last several years of savings and introduce a brand new level of savings not seen in decades.
A remortgage is a valuable tool and meant to lower the current amount of mortgage payment for millions of homeowners across the nation. When one looks to remortgage, they see many examples of homeowners before them cutting their monthly mortgage payment and gaining access to valuable home equity. These are the facts of the process of a remortgage and they are irrefutable.
Now, after years of an interest rate which rivals the lowest in history, the game has changed. The Central Bank lowered the base rate from 0.5% to half the amount and cut it to 0.25%. This game changer now makes it possible for homeowners to save even more through the process of remortgage.
Prior to the June referendum, many homeowners thinking of selling packed up and chose to sit on the fence, doing nothing. Now, the entire landscape looks different. Those same homeowners who were sitting on the fence can step forward, obtain a remortgage, and save even more. A remortgage can now be obtained online and the process is extremely streamlined in order to save time.