Uncertainty is leading the way in regard to many housing market decisions being placed on hold. Although the likelihood of an hike in interest rates is increasing by the day, many are on the fence as to whether to move home or remortgage with the latter growing in number each month. Some of the more dovish members of the Monetary Policy Committee are leaning towards increasing interest rates, according to some reports. This could mean a hike could take place before the end of the year.

The possibility of a hike in interest rates to help curb inflation is growing, according to some close to the UK housing market. Those who are considering a possible remortgage should act quickly according to housing experts. Lenders will not be holding rates motionless once it is a confirmed decision. They will likely start to move deal rates weeks before the base rate is actually increased.

There was a month to month increase in remortgage in August signaling the possibility of something happening with interest rates sooner compared with later. This is currently the spotlight of the market.

Uncertainty concerning the outcome of Brexit deals is holding some residents back from making a firm decision, but housing experts are urging those who are considering a remortgage to do so now before it is too late. Even a small hike in interest rates will cause a potentially significant jump in the amount of the monthly mortgage payment.

Obtaining a remortgage not only possibly lowers the cost of the monthly mortgage, but also insulates homeowners against a rate rise in the future.