Homeowners Need to Watch Oil Prices Instead of House Prices and Inflation as Indicator to Seek Remortgage
Despite the fact that the Bank of England’s Monetary Policy Committee has been cautious when it comes to raising the bank rate their hand may soon be pushed to make a change due to the rising cost of oil. On Thursday the price of oil hit a 28 month high and with the unrest continuing in Egypt the price level is likely to climb according to investors. While Egypt is not a key exporter, it is the location of the Suez Canal and Sumed pipeline which is a key transport route for oil from the Middle East to reach European markets.
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