Landlords have been encouraged to remortgage since the Bank of England increased the standard base rate last week, hiking it from 0.5% to 0.75%. The increase was the first increase since last November when the rate was increased from 0.25% to 0.5%. Those entrenched in the Buy to Let sector are now being pushed to consider the possibility of remortgaging before the next potential increase becomes part of the daily conversation.

The Bank of England made the careful decision to raise the standard base rate in the last meeting to 0.75%. This rate rise affects anyone on a standard variable rate mortgage lending product or tracker product. For those home owners who are able to remortgage, there is still time to obtain a fixed rate loan. Lenders are in heavy competition currently and are offering special deals with unique incentives. It is not uncommon to find free closing costs as well as other no-fee administration costs from lenders, according to many close to the housing market.

The benefits of a remortgage have been well documented and house owners are still finding exceptional deals on the mortgage lending tool. Since the Bank of England made the decision to increase the standard base rate in this month’s meeting of the Monetary Policy Committee, property owners are scrambling to remortgage before lender rates increase. Benefits like low interest rates are the predominate factor in determining cost savings moving forward.

Property listings have fallen in the month of July as estate agents see a dip in the number of residences which are up for sale. New property listings fell more than 5% across the country as London also experienced a drop in total listings for sale. The capital city posted a decline of almost 13% month on month. It is typical in this time of the year to see listings fall slightly so housing experts are not overly surprised to see the change in the number of house listings for sale.

The Bank of England’s Monetary Policy Committee (MPC) did what few thought they would on Thursday and increased the standard base interest rate. It wasn’t a complete surprise, but it is expected that there were many homeowners that were caught off guard. For those that have their mortgage deal attached to their lender’s standard variable rate (SVR) they might soon find themselves paying more than they have to in comparison with the savings that could have been found with a remortgage.

In the most recent meeting of the Bank of England Monetary Policy Committee, the standard base rate was increased from 0.5% to 0.75%. This increase places the base rate at a level now equal to that of the rate which was present in March of 2009. This is only the second time in a decade in which the standard base rate was increased. Many close to the UK housing market were expecting such an increase, especially following the delay in the hike of interest rates during the May meeting earlier this year. Many house owners are wondering at this time, is it too late to remortgage?