The New Year is upon us and with that many forecasts for the 2016 UK housing market. The focus of the coming year will include the massive shortage of housing available for purchase, availability of credit earmarked for housing, and the question of whether to move home or remortgage the current home. Many house owners are aware of the benefits of a remortgage, while many still are not.

The UK housing market is facing more questions than answers as the New Year begins. Among those questions is how much difference a remortgage can make in the amount of the monthly mortgage cost. The answer to this varies based on many factors, but one of the prime factors affecting it is the interest rate, which is about to be hiked.

According to many close to the UK housing market, the base rate will likely be hiked by 0.25% at some point during the year. This will cause a ripple affect across the country and increase the cost of every mortgage on every piece of property. For those who choose to remortgage prior to that point, protection against the increase in cost will be granted. Those who choose to wait will likely be regretting their decision within a short period of time.

A remortgage gives house owners the security of a fixed interest rate for the future and any hikes which might come after that point. Aside from being able to save money each month, this is the primary reason to search out a remortgage.

The New Year will be filled with anticipation and the arrival of great challenges. A remortgage can be a shining light in a dark forest.