2011 has started out as the worst year in living memory. In fact, it seems worse than the years when Maggie was destroying the country, back in the eighties. Living costs are soaring at a rate that is well beyond our control now and this is becoming quite frightening now.
With this in mind, people are considering more and more ways in which to increase the money coming into the household and this ranges from re-mortgaging (if they can find an attractive deal) and even equity release plans. The latter of these options is particularly attractive for retirees.
Re-mortgaging can actually be a very good idea at the moment. As interest rates are at an all time low, at the moment, there are some good deals out there. However, do bear in mind that most (if not all) lending institutions have never reduced their rates as low as they should have done in response to a rate of a mere 0.5%.
The other thing that you need to consider here, is the fact that these rates are not going to stay this low for much longer. They will rise imminently. Therefore, even if you secure a fixed rate mortgage for two years, you need to be prepared for the fact that this will rise at the end of that period.
Despite the fact that property prices are generally declining at the moment, it would appear that this form of finance is still one of the most viable. After all, one area where banks have not failed to produce record low interest rates, is with savings accounts. In fact, a terrible rate of 0.25% is typically what you will find at best today.
