Posted in General News
Interest rates in the UK have been at an historic low for quite some time now.
The memories of high interest rates, many of us recall from our younger days, are in the distant past for us all, as the world has spent several years trying to sort out the economic problems caused by the credit crunch.
However, many economists believe this era, which has been beneficial to those with a mortgage may soon be coming to an end, with one investment bank believing an interest rise could happen before the summer ends.
It has meant that many households are reviewing their mortgage situation, looking for deals, which will give them some stability moving forwards.
Of course, it is guesswork;which even economic experts can’t come to an agreement about what will happen, so those of us without the ear of the Governor of the Bank of England are somewhat in the dark.
However, many lending institutions are offering good deals, asking homeowners to think about re-mortgaging as now may be a good time to commit to a deal before the days of extremely low interest rates finally end, which some think they will at some point.
Re-mortgaging is generally straightforward, where the owner of a property changes to a new lender, and with many fixed rate deals coming to an end there are many thousands today mulling over this decision.
Of course, one great benefit of re-mortgaging is that it can also assist with releasing equity from your property to carryout works on your existing home or to put money into a new house purchase.
However, just as in the case of first buying a property there is paperwork to be done, which means a solicitor needing to be appointed.
Therefore, it can be a stressful situation if the re-mortgaging is not handled well.
We believe it is vital that you are kept totally up to dates your case progresses and also have a legal contact who you know is there to give you any answers to queries you need throughout the process.
It can be the case that re-mortgaging can be difficult, but good re-mortgaging solicitors should be able to handle all situations with minimum ease.
Like everyone else we don’t know what the future holds, but if a re-mortgage with a fixed fee and reliability is on your agenda we are happy to help. Give our legal experts a call today.