The Brexit vote is without doubt the most significant change that the UK has seen in decades. This has caused confusion in many areas including the housing market. But what does Brexit mean for house prices and the housing market?
So far, post Brexit fear has had a positive impact on fixed mortgage rates and we have seen mortgage rates fall to record lows, allowing current and future homeowners to benefit. With the rates at historic lows, now is the time to act as new deals take a bit of time to develop.
The increased competition between lenders, record low rates and rising house prices has provided a setting ripe for remortgaging. Remortgaging your property allows you to clear your current mortgage and switch to another lender. With the reduced rates, it is possible you could save thousands, whilst locking in a great rate for a long term period.
The mortgage rates which have seen the most significant drop are 5 and 10 year fixed rates. Fixed over a mid-long term period, these deals offer safety and security during the uncertainty of Brexit. This of course makes budgeting very manageable and allow you to more accurately predict your living expenses.
If you are considering remortgaging the best thing you can do is talk to a mortgage broker like First Financial Services. As always there are many aspects that need to be considered to ensure that you save money through a remortgage – but with rates at historic lows, you have nothing to lose by having a chat. Call us on 01639 262222 or click here to contact us.