Interest rates were hiked early in the month of November 2017 and that is expected to possibly take place again this year, according to the Bank of England. For many close to the housing market, announcement of this taking place could instantly trigger some action. Housing experts see this year as a time of little activity and little growth in house prices. With inflation around 3%, it is possible for more than one hike in interest rates to take place this year. For those considering remortgage, this period prior to another potential increase could be a time for action.

Numerous housing experts urged house owners to remortgage prior to the interest rate hike in November. The base interest rate was raised from 0.25% to 0.5% at that time. Many house owners took advantage of the suggestion and obtained a remortgage. This made it possible for thousands to start saving money each month and receive the other massive benefit to remortgage. They accessed cash sitting idle as home equity and used that cash for debt repayment, home renovation, and a holiday which had only been talked about.

Now, there has been little talk about the next interest rate hike. A potential increase is possible by the first month of the second quarter, but not guaranteed. Housing specialists are urging those who have not remortgaged so far to consider doing so in the next few months before another rate rise takes place.

The holidays are over and the New Year has begun. It is possibly the best time to take a few minutes and apply for remortgage to get the ball rolling. Although approval time is now quicker, it will take time to pull all necessary information together prior to the official application point. This will insure a smoother process and experience with the remortgage.