The economic status of many households has been suspended in an uncertain position for more than a year now and a recent survey illustrates by just how much. Brexit, a hike in interest rates, struggling wage growth, and pushy inflation have all created stress and strain on every member of the country. In a recent survey by the Bank of England, a majority of those who participated see their financial situation eroding as opposed to growing. This result was the first of its kind in the last three years.

Responders to the survey feel the Brexit vote of last year is to blame for the pessimism which exists today. They feel the UK exit from the EU will likely cause more hardships than opportunities in the near future and more strain will be on the family bottom line than in some time.

One area which could help the bottom line of many households is remortgage. It remains quite a strong tool when house owners are searching for ways in which to cut costs out of the monthly outgoings. Many are now saving hundreds each month off the cost of the monthly mortgage payment.

The survey conducted by the Bank of England included more than 6,000 respondents and took place between September 6 and 26. Its results were analysed by the Monetary Policy Committee before the vote on November 2 to raise the base interest rate from 0.25 to 0.5%.

Although the hike in interest rates originated from the base interest rate being doubled, lender deals still include packages featuring extremely low interest rates and fees. According to housing experts, many house owners are still finding deals daily which make it possible for them to save money on the cost of their repayment each month.