Recent heightened activity within the UK housing market has forced many to think the possibility of a rate rise is real and coming sooner compared with later. The Monetary Policy Committee of the Bank of England has made comment recently endorsing the idea of a rate rise coming this year. Inflation remains at a level above the goal level established by the central bank. The inflation goal is 2% and it currently sits at 3%, according to the latest released data.

Remortgage remains a hot ticket item. According to the latest data from LMS, demand for remortgage surged starting at the end of 2016 and continued through December of 2017. During that twelve month period, almost 40,000 remortgages were approved. This is a 41% increase in remortgage activity.

Remortgage is still unknown among many house owners. It has gained considerable attention in recent years due to potential interest rate rises and making it possible to obtain a new mortgage lending arrangement. A new mortgage can be possible through the current holder of the mortgage or a new lender. A mortgage with a lower interest rate lowers the amount of the monthly mortgage repayment.

Not only is it possible to obtain a lower interest rate mortgage, but access to cash occurs through the process. This extra cash has been used by many to make home renovations, pay off old debt, bring school loans current, and take holidays with the family.

Talk of a possible rate rise taking place in May is now emerging and many housing experts are urging those who have not remortgaged so far to consider it soon.