This morning the Bank of England’s Monetary Policy Committee (MPC) will meet to discuss the state of the economy and determine what to do with the standard base rate. Most of the economists that have forecasted agree that the rate this month will remain unchanged. The rate is now at 0.75% and it will remain so if the majority of the committee votes to keep it steady.

Homeowners are being encouraged to seek out a remortgage when their current mortgage deal ends. In fact, that encouragement is so strong that homeowners should actually begin shopping for a remortgage long before their mortgage term ends. The time to shop for a remortgage is now because lenders are competitive for the attention of borrowers and interest rates are low.

Brexit is on the horizon and as summer slips away and autumn draws near, everyone is asking what will happen to the housing market. Perhaps it isn’t that hard to predict, despite all of the unknowns. The market is currently holding its own against the forecasts of doom and gloom. It seems that few took into consideration that there are hopeful home buyers that see the current state of things as nothing more than an opportunity to take advantage of and realize their dream of becoming a homeowner.

The Bank of England’s Monetary Policy Committee (MPC) is meeting this week on Thursday. This meeting will have the committee members discussing the economic outlook, the current economic situation, the inflation rate, and what to do about it all in regards to the standard base interest rate. Experts couldn’t be more divided or expecting such different outcomes for this meeting or those to follow throughout the year.

There is no denying that many households have been struggling with their household budgets. Brexit has left some undesirable outcomes for many trying to keep their financial situation under control. For homeowners, experts encourage them to seek a lower interest rate with a remortgage to save money and feed their starving household budget or it could get worse.

The demand for remortgaging has been strong in recent months. Homeowners have found a way to escape paying higher interest rates found on their lender’s standard variable rate (SVR). When a homeowner’s current mortgage deal ends, if there is not a remortgage, then the lender moves the loan to a SVR. By getting a remortgage, a homeowner doesn’t have to pay more on their repayments than they are used to paying.