Will there be an interest rate hike by the Bank of England’s Monetary Policy Committee (MPC) next month or not? That is the question that everyone is asking and we will soon know when the MPC meeting occurs on 2 August. Months ago the answer would have been a strong “Yes,” and then the expectation changed to a “No.” Homeowners hoping to escape higher interest rates have probably accepted the negative answer and moved on, and yet there is now a strong expectation that the MPC will indeed raise the rate and if so it will catch many homeowners off guard.

The possibility of a rate rise looms over the UK housing market and the days are winding down to apply for remortgage. Many lenders are currently taking advantage of the time and offering special discounts and rates on administration fees. Borrowers are now able to check out a range of remortgage options before coming to a conclusive deal which suits them best. Rumors of a hike in interest rates are being taken to heart as many borrowers are counting down the days until the August meeting of the Monetary Policy Committee.

If you are a homeowner then you likely have been wondering if it is time for you to remortgage and if you haven’t been thinking that then perhaps you should. There are many benefits to be had for a homeowner that finds a new deal, and the most likely one is securing a low interest rate with a fixed remortgage. Some experts believe the Bank of England’s Monetary Policy Committee (MPC) could hold off putting any increase to the standard base interest rate, but there are still others that say we could see at least one increase by the end of the year.

Recently released data from the UK housing market suggests affordability has now claimed the efforts of many who are trying to gain entrance on the property ladder. Housing experts suggest increases in house prices during the past decade have reached a point which is prohibiting the purchase of property for many. Increase without matching hikes in wages has led the market to a point which is challenging for many. Demand for housing has cooled, especially in the city of London.

Lenders see this time as the last extended period in which to push items like original mortgage loans and remortgages. Many are offering discounted fees, as well as other incentives in order to attract the watchful eye of a potential new client. It can only be described as a borrower’s market currently. For those who are in need of some type of mortgage lending, now is the time to act before a potential rate rise takes place next month.

Home owners are in need of financial security. Currently, few factors present in the housing market are able to offer such a thing. With Brexit, the addition of new stamp duty, and a possible increase in interest rates next month, home owners are literally throwing their hands up in search of some footing. Now, a new set of data has emerged suggesting a longer fixed rate mortgage option is becoming more popular than some others. The option which is becoming more popular to many property owners is a ten year remortgage.