When is the right time to remortgage your property?

Monday, March 30, 2009

When is the right time to remortgage your property?

As more and more UK homeowners struggle to make ends meet a number of people are looking at the opportunity of possibly remortgaging their home. As UK base rates continue to fall further, with some suggesting that rates could fall to around 0%, is now the best time to remortgage your home?

It has to be said that with base rates under 1% and possibly set to fall further in the short term, in a perfect world now would be the right time to seriously consider remortgaging your home on a long-term fixed rate. However, the UK mortgage industry is still struggling with increased repossessions and increased write-offs resulting in a significant drop in capital being made available to the market. Those who have ventured into the fixed-rate mortgage market are requesting deposits of up to 40% which those in financial trouble will find impossible to accommodate.

However, all is not lost because as and when the UK economy starts to recover there is likely to be a period prior to expected interest rate rises during which some homeowners will be able to remortgage their homes on more beneficial terms. However, it has to be said that the decision to remortgage your property should not be taken lightly and professional advice should be sought at all times.

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Posted by JanMck Hilado at 12:07 AM
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