The UK housing market was dealt a blow in November of last year as the standard base rate was hiked from 0.25% to 0.5%. This affected many home mortgage payment amounts as well as deals offered by the majority of lenders. For many on the fence regarding housing decisions, this made the future seem quite uncertain as Brexit negotiations continue without offering any conclusions. Many are still sitting on the fence. The Bank of England has however recently mentioned rates would be increased potentially two times this year. This is unfortunate news for many, but there is an alternate side to the metaphorical coin.

Now is being hailed as quite a fortuitous moment in housing market history. It could possibly be the most favourable time to obtain a remortgage.

Interest rates remain low. Rates remain low and they are currently at a level which is historically low. This makes buying or remortgaging quite beneficial. Moving home means finding a deal which will contain low interest rates from many different size lenders. Remortgaging now means finding a deal with not only low interest rates, but also possibly low closing costs, low administration fees, and lenders willing to work with many different types of credit scores.

Housing experts have been urging house owners for months to invest some time and take a closer look at the current mortgage lending arrangement. Deals are on the table, especially in consideration of the time of year. Selling season will soon be here and deals will be in higher demand.

As May approaches and the possibility of interest rates rising draws nearer, housing experts are offering frank advice. Lending could look completely different in just a few months.

Howard Archer of the EY Item Club commented on the latest housing data, saying: “While November’s increase in interest rates was just 0.25pc and mortgage rates are still at historically very low levels, there does appear to have been some impact on house buyers’ psychology.”