The country’s base interest rate was recently cut from 0.5% to 0.25% in an effort to prop up the UK housing market and limit any extreme fallout from the historic Brexit vote. The rate sat at the 0.5% level for almost eight years. The drop in interest cost to borrowers so far has been immense and has helped many home owners to choose to remortgage finally after sitting on the fence for months.

A drop such as this should be a call to anyone looking to save money on the cost of a remortgage or original loan product. Many house owners and house buyers actually waited until after the June vote to move ahead with their decision. This created anxiety within the market and led to a drop in consumer confidence about the future of the market.

Experts have claimed this is a perfect time to remortgage. They point to the fact that many lenders are still waging war on each other in an effort to gain more customers for not only the long run, but short run as well. This war has led to many lenders passing along the full effect of the rate drop and in many cases eliminating administration costs entirely on remortgages.

House owners are seeing hundreds of pounds and sometimes thousands being shaved off the cost of their mortgage payment. Not only are they securing a lower fixed rate which will insulate them from future interest rate increases, they are also accessing home equity and making the most of the influx of cash.

A remortgage makes it possible to plan the home renovation which has always been talked about but not acted upon. It also makes it possible to lower the burden of old debt which has been looming for years. The process has been streamlined and can now be completed entirely online.