Time could be running out on applying for and obtaining a remortgage. It is possible all the talk of a possible increase in interest rates could be real. With inflation becoming more relevant each week and a stagnation of wage increase for the past few years, an increase in interest rates could be just around the corner.

UK house owners thinking about a possible remortgage application should consider moving on the decision sooner compared with later, according to many housing market experts. The landscape of all mortgage lending might be changing sooner than many expected.

Interest rates were cut last year from 0.5% to 0.25%. This decision by the Bank of England Monetary Policy Committee prompted many riding the fence about a remortgage and gave them the nudge they needed to proceed. Subsequent data on gross remortgaging shot up significantly and many house owners were able to save bundles of pounds per month on the cost of their home mortgage payment.

The opposite effect might soon be coming. Lenders will not be able to offer the same sweet deals like they are currently offering. Right now lenders are offering deals which are suitable to most household financial situations. That cannot happen when interest rates rise.

A remortgage serves as a new beginning in the payment of the monthly mortgage. It acts as a fresh start to so many who need just that, a fresh start. The process of applying for a remortgage has now been streamlined and can be completed entirely online. Approval can occur within days now instead of weeks.