Last year in the UK housing market, uncertainty became the overwhelming perfect way to define what was coming next. New tax laws were implemented, Brexit negotiations continued with no blueprint surfacing thus far, and interest rates were hiked in the first week of November. Now, wages remain flat, inflation continues, and both supply and demand are weak. For house owners, a potential certain method to saving money could be remortgage.

The market is unpredictable these days with few opinions emerging about what will likely come next. Recently, word of a possible rate rise from lenders is coming on or about February 28 surfaced. This rise is due to the implementation of an agreement at the time of the Brexit vote.

Lending from that day was possible from the Bank of England to banks and lending institutions for extremely low interest rates. Some called the agreement borrowing free money. This resulted in banks borrowing around £100bn from BofE. At the end of this month, the agreement ends and repayment begins.

Some believe interest rates for borrowers will increase at this time without a formal increase of the standard base rate occurring.

Remortgage for house owners offers a chance at cost savings in a market currently full of unknowns. It can help those looking for a way to decrease outgoings and gain access to home equity which is sitting idle. So, not only are home renovations and paying off old debts possible, but saving money immediately might be the case as well. Uncertain times call for a more certain process like remortgage.