Time to Remortgage Could Be Running Out with Rumours of Hike in Interest Rates
Talk on the street about the possibility of a possible hike in interest rates is getting louder. Many experts close to the UK housing market are urging those on the fence to take a step forward and apply for a remortgage before it is too late. As many are staring at challenges to home ownership, current home owners are sitting in a favourable spot. There have been fewer times better to remortgage than right now.
Interest rates could be increasing sooner compared with later. With inflation on the rise, the cost of borrowing money could be going up according to some close to the housing market.
Current homeowners are being urged to act now and not face possible regrets later. Lenders remain locked in a heated battle for the next possible client.
The remortgage has become more popular in recent months, but that popularity could start to wane with a rise in interest rates. Homeowners who remortgaged in the autumn of last year are now enjoying the fruits of that decision, and are paying less each month for their mortgage.
A possible hike in interest rates could take place by the end of the first quarter, but opinions vary. With each increase a homeowner is able to save less on the cost of their monthly mortgage payment.
So far, thousands have taken advantage of the low interest rates and access to home equity. They are using that cash to pay off old debt, start home renovations, and take holidays which were once only dreams laid out on paper.