The New Year has begun with a rash of competitive mortgage lending deals from high profile institutions. Incentives are being offered tempting both original loan seekers and remortgagors alike. Experts are cautioning new and old borrowers to focus on the most important factors of a deal instead of the gimmicks which might accompany them. First time buyers should be especially sharp to not get lost in the most highlighted features of a mortgage, but the details which are just under the surface.

Mortgage deals are being offered in quite a fast and furious manner entering the New Year. Banks and lending institutions are eager to get off to a fast start for the year in the most efficient way possible. That way is by giving attention to those buyers most affected by the current state of the housing market.

Going forward, the timeline for the year is still quite vague with the hike in base rate. This ambiguity is causing many potential house hunters and house owners to be in a state of constant re-evaluation about how to move forward.

The Bank of England has put everyone on notice. According to the Central Bank, by the end of the year there will be a hike in interest rates. For those looking to move home, and especially those looking to remortgage, now is the time to act according to housing specialists.

A remortgage makes it possible to secure a low fixed rate before the rates increase. A new rate not only saves money for the short term, but offers protection for the long run in case of another increase. According to many in the housing industry, an increase after the first hike is quite likely.