Remortgage Plans Expedited by Bank of England Announcement
The Bank of England announced just weeks ago that an increase in the base rate was almost imminent. Shortly following the public notice, many house owners had to quickly make a decision regarding their plans to remortgage or play a game of wait and see. Many chose to spring into action and remortgage before the majority of banks raised rates on their mortgage lending products. Some were not so decisive.
Now is the time to remortgage. The Bank of England has almost carved the notice in stone. The base rate will see an increase and those house owners who decide to wait and see exactly when that will take place could end up spending much more per month than they have to for their mortgage.
Across the country, house owners are scurrying to make a decision which will affect them for years to come. Some property owners are still unaware of the benefits of a remortgage, but some are in Group A, who have a clear idea of what a remortgage can do. A remortgage can set a positive tone for a family’s budget for years to come.
High caliber remortgage deals are still available, but as the Bank of England has already announced, decisions must be made quickly to go with a fixed deal. Banks are steadying themselves on a tight rope every day to decide when to increase their rates ahead of the bank rate. House owners should play it safe and obtain a remortgage deal whilst there is still time.