Possible Interest Rate Hike Means Potential Savings for Homeowners
Houseowners are constantly in search of any way possible to save a pound. Some are lowering their energy intake, or installing new weather proofing measures for this winter. Some are even closely examining the amount of food intake and how to lower the weekly grocery bill. There are many ways to cut items from the monthly budget, but few are considering one which could be the most obvious of all – remortgage.
Whispers about a possible interest rate hike from the Bank of England are making their way to the conversation by the water cooler. This is making some homeowners take a second or even third look at the possibility of a remortgage. Across the country, the lending tool of remortgage is making it possible for many to save money on the cost of the monthly mortgage.
Even a small hike in the base rate will cause lenders to have to increase their rates to borrowers. What is available today will not be available tomorrow. Deals to fit any financial situation remain on the table and are waiting for those looking to possibly save money or at the very least secure a more stable position for future interest rate increases.
Andy Knee, chief executive of LMS, commented on the current demand for remortgage lending, saying: “Many homeowners are seeking added financial security with record numbers locking into five-year fixed rate deals at today’s rock bottom rates.”
He added: “Consider remortgaging now or risk missing out on record low rates and monthly savings.”