Consumers in the UK looking to get a remortgage will be heartened by the news that remortgage interest rates have fallen. HSBC also announced this week that they would be continuing their popular rate matching program for remortgages and it is hoped that others banks will pick up on this lead and offer similar programs. Experts and government officials have been encouraging consumers to get a remortgage before it is too late, since this can stave off a foreclosure.Matthew Carter, divisional director for mortgages at Nationwide, said: “Recent reductions in money market swap rates mean we are able to reduce the rates on our two-year and five-year fixed rate mortgages. This is good news for homebuyers, re-mortgage customers and borrowers who are coming to the end of their existing deals.”Some experts have pointed out however that not enough people are getting remortgages. There seems to be a problem that consumers do not understand that once foreclosure proceedings begin, getting a remortgage will not help. Brokers are offering advice to their clients to seek a remortgage well before the threat of foreclosure looms in an effort to turn the tide and get the housing market out of its downward spiral.
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