Remortgage Opportunity Could Pass as Quickly as Seasons Change
The summer selling season is winding down and that means one thing – a potential lull in the housing market. Children are going back to school and house hunters are putting away their lists of pros and cons for their next dwelling. The remortgage market seems to slow a bit typically, but experts believe this year could be different. This year could be different due to several reasons, but interest rate level is one of the primary ones.
Housing experts see this time in the market as one of opportunity, and a method to potentially saving a major amount of cash each month. The interest rates available with lender deals currently will likely not be seen for some time after the base rate is eventually hiked.
House owners who have yet to decide on a remortgage are being urged not to wait much longer. Interest rates are sitting at rock-bottom levels and the time is currently at a premium to find a suitable remortgage to switch into.
If the last meeting of the Bank of England Monetary Policy Committee is any indication, interest rates could be rising sooner compared with later. The last vote from the committee members was 6-2 in favor of keeping the base rate at its current level of 0.25%. Some believe the rate could rise again before the end of the year.
Remortgage is a powerful tool which enables house owners to potentially save money off the cost of the monthly mortgage payment. Just as one season transitions to another, the current good times of a remortgage could pass in an instant.