After the Bank of England voted to increase the standard base rate early last month, households across the country began questioning the future of their mortgage lending. If they had not remortgaged yet and their current deal was maturing soon, what options were there? If they were looking to possibly sell the current property, but truly wanted to stay for as long as possible, what options were available? In short, lenders are now making it possible for house owners to come away with a favourable outcome by offering many options and packages suitable for a wide range of financial situations.

The recent increase in the standard base rate is resulting in many on a lender SVR or Tracker mortgage loan to pay more for the monthly mortgage payment. This is leading many who have not yet remortgaged to take another look at the often overlooked mortgage product. Many loans are maturing resulting in property loans to be converted to a lender’s standard variable rate loan which will cost significantly more per month than a fixed mortgage loan. Borrowers currently holding a variable rate loan are being urged to check out remortgage as soon as possible.

The home owner population across the country is ageing and many are looking for ways in which to stay in their current locations whilst still being able to afford monthly mortgage payments. As there are many home owners who have already paid off their current residence, there are still home owners who are reaching ages beyond pensioner age. This age group needs assistance and a method to reduce mortgage payments and other monthly outgoings. Remortgage could be the perfect solution to helping thousands fighting through this dilemma.

The UK housing market saw house prices increase slightly in the month of August. Compared with the same month last year, house prices increased 3.7%. Prices increased 0.1% over July and settled to an average of £229,958, according to recent Halifax data. Prices from June to August had also indicated an increase in prices of almost 2% over the previous quarter. House prices are expected to increase this year an average of 1-3% in the opinion of many housing experts.

Lenders are sharpening their pencils and pulling out all the stops as the current warm weather of summer takes a back seat to the coming chilly months of winter. Borrowers are finding attractive deals offered by many lenders who are considered high profile as they have seen two base rate increases inside of twelve months. These increases are making many house owners and property buyers wonder if they have missed a golden opportunity to obtain deals with low fixed rates attached. Well known lenders are making a statement and pushing new deals out to the public to get noticed.

The Bank of England Monetary Policy Committee voted early last month during its scheduled meeting to do what many expected it to – raise the standard base rate. This is the second increase in the standard base rate in twelve months and one which was forecasted and hinted at for months before actually happening. May meeting of this year was supposed to result in a hike of its own, but economic figures did not support such a move. The base rate has now been increased twice in a short amount of time leaving borrowers wondering if they have missed an opportunity to obtain a low, fixed rate remortgage. The answer is a resounding, no.