Melanie Bien, associate director of Savills Private
Finance, has stated that it is a good time for
property holders and those with
buy-to-let mortgages to remortgage.
Speaking to the Times, Ms Bien said that although another cut in interest
rates is expected, it may not happen for some time and as a result it is an ideal time to remortgage.
She states that property owners, and especially buy-to-let landlords, who have a variable rate
mortgage should
find a remortgage that has a three year fixed rate option.
"There is little point in delaying in the hope of lower fixed rates, as these are unlikely to appear in the near future at least," she said.
August saw the Bank of England's Monetary Policy Committee (MPC) cut interest rates by 0.25 per cent.
Although this cut was fully expected by analysts, the closeness of the vote was not - five members of the committee voted for the cut and four against.
The fact that the decision rested on just one member has prompted many analysts, not just Ms Bien, to predict that interest rates will be on hold for some time.
A poll carried out by Reuters yesterday revealed that out of the 47 economists surveyed, many felt that there would be no cut until early 2006.
