Rumours of Increase in Interest Rates Becoming More Possible
As inflation nears the 3% mark, the Bank of England is preparing for a possible interest rate rise by the beginning of December this year. Such an increase would likely put the brakes on many who are considering a remortgage, but have yet to take the steps to do so. It would affect savers in a much different way and put smiles on many faces that have been saving for years. Housing experts are seeing a much different landscape to mortgage borrowing and remortgaging when the New Year starts in just 90 days.
Rumours of a possible increase in interest rates are starting to gain traction as the rush to remortgage is now on. Thousands of house owners are looking to remortgage before the Central Bank makes the official decision to raise rates which will be the first increase to the nation’s base rate in years. It has been at the current rate of 0.25% for some time.
Some house owners are looking to eliminate all debt through a remortgage. By accessing home equity through the remortgage process, they are using cash to pay off old debt, old school loans, and any current credit card debt which they are carrying month to month.
Remortgage is now a powerful tool which makes it possible to put many household balance sheets right again. Not only is it possible to lower a monthly mortgage payment, it is also possible to access home equity and move forward toward financial success. All that is required is a little time and applying online. The process is now easier than ever before.