October is one of the biggest months for remortgaging with almost £39 billion in mortgage terms ending. At the end of term of a homeowner’s current mortgage they have the opportunity to remortgage and seek a new deal. If they don’t, they will be converted to their lender’s standard variable rate (SVR). Data reveals that choosing a remortgage could save the homeowner substantial savings due to the current low interest rates available. In average, a homeowner could save £400 per month or more.

Home buyers that have been approved by a lender to purchase their first home can have a deep loyalty to the lender. When it comes to remortgaging, loyalty could be very much misplaced and the homeowner could be losing out on a large savings. Rather than be loyal to the lender that put the homeowner into the house, loyalty should be placed strongly with their budget and financial opportunities to find not only savings, but a safety net for the months and years ahead.

The UK housing market has proved to be astoundingly resilient, even when the experts forecasted much less. In the midst of a global pandemic and lockdowns, no one would have second guessed any forecast that the housing market would ice over as home buyers stayed away. However, the pandemic pushed a new desire in what a home should be for workers having to work from home and children having to study from home and space became a priority.

According to experts, the housing market is forecasted for continued growth and strong demand throughout the year and into the next. Home buyers are putting space as a priority and that is expected to still be the most desired aspect of a home. This will bring in first time buyers to the market as well as motivate homeowners to become home movers to gain the space in and outside the home and make day to day living more comfortable and a better fit for the pandemic lifestyle.

The Bank of England’s Monetary Policy Committee (MPC) held their September meeting on Thursday. The decision concerning the possible increase in the standard base interest rate was expected to be watched closely. Though few felt the interest rate would see an increase despite rising inflation, the meeting was expected to reveal how strongly some members believed an increase would be needed sooner rather than later.

The current standard base interest rate maintained by months by the Bank of England’s Monetary Policy Committee (MPC) is at a historic low of 0.1%. It is the lowest rate set in the over 300 year history of the Bank. This week the MPC will meet on Thursday, 23 September, to determine whether the interest rate should be changed, if at all. It is possibly the most likely month in which a change could occur since the rate was changed to its current low.