Remortgages Remain part of a Promising UK Housing Market in 2012
Original mortgage loans are holding steady throughout the UK housing market, yet figures are still far behind those of 2007. The Eurozone crisis continues to take much of the heat for the recovery process which has yet to completely get off the ground, and the recovery which still struggles in housing is no different. First timers continue to find many roadblocks to obtaining loans, and those who decided to remortgage did so last year. The one bright spot continues to be the level of the base rate which appears to be staying at the current level for months to come.
Remortgages remain an underutilized aspect of home ownership. The benefits have been taken advantage of by a large number of residents, but still thousands have yet to sign on the dotted line. Advantages of a remortgage include: freeing cash for home improvements, high priced purchases or maybe sending a family member to university.
Other exceptional benefits of a remortgage are lowering not only the rate of interest on your current loan, but also saving money each month on a new remortgage loan. Many lenders are still offering competitive deals which offer huge amounts of savings with them.
On top of savings, there are still many buy to let opportunities which exist and will for many months to come. Many insiders of the housing market see the base rate not changing from its current level of 0.5%. The possibility of the base rate remaining at that level is great, providing many homeowners the chance to still consider a remortgage.