Homeowners in search of an attractive fixed rate deal even after the interest rate hike a few weeks ago are finding them. Many lenders are offering deals with low fixed rates at three, five, and ten year terms. They are deals which make it possible for homeowners to save money each month compared with their current deal. But, what about the cost involved with paying off a mortgage loan early? Experts advise careful consideration and detailed account of all expenses before committing to anything.

House prices within the UK market have been anything but kind to those looking to purchase property whether it is as a first time buyer or simply to move home. Prices have been on an upward trajectory for years and not offered any relief to those looking for a bargain. That is only one aspect of buying which is making home ownership for first timers a major challenge.

First there was the financial crisis, the recession, the double recession and falling interest rates to historical levels. Borrowing became so cheap it made more sense to borrow in most cases than to sit on your hands and do nothing. Then came Brexit, and most recently the Bank of England’s Monetary Policy Committee (MPC) voted to increase the standard base interest rate for the first time in a decade.

Ahead of the November meeting of the Bank of England’s Monetary Policy Committee (MPC) there were plenty of warnings that an interest rate increase would occur. Though other warnings have come and gone in years past without any rise in the standard base rate by the MPC, this warning seemed to have weight to it. Homeowners rushed to grab a cheap interest rate remortgage, while home buyers took more of a wait and see approach.

The rush to remortgage was expected to be significant and with the financial figures from the month of October now rolling in that opinion has been confirmed. Remortgage activity ballooned to an eight year high during the month as anxious homeowners rushed to lenders to obtain a fixed deal ahead of the interest rate hike which took place a few weeks ago. The base interest rate was hiked from 0.25% to 0.5%.

With the summer selling season a mere speck in the rear view mirror, mortgage lending typically slows to a slower speed. So far, lending has maintained a rigorous pace as the end of the year quickly approaches. Recent figures indicate lending is strong along all fronts, especially remortgage. Even though a hike in interest rates is fresh in the minds of borrowers the group remains bold in their actions to acquire property.