Remortgage lending is expecting perhaps the biggest boost in years in the coming months. Homeowners are expected to be aggressive in seeking out a fixed rate remortgage to secure their financial health in the years to come against rising interest rates. The sooner the better for those looking for a remortgage according to experts, as many lenders have already pulled some of the lowest and best remortgage deals from the market.

House price growth is typically tied to the health of the housing market and from the latest released data, the market is strong. Although much uncertainty has been swirling since the Brexit vote of 2016, pressure on housing prices remains and is expected to remain that way for the foreseeable future. A shortage of homes combined with a number of attractive deals for would be homeowners are still available prior to the expected rate hike this week.

Interest rates have been increased for the first time in a decade. Not since July 2007 has the Bank of England’s Monetary Policy Committee (MPC) majority voted to raise the standard base interest rate. Experts had warned that a rate hike was possible by the end of the year, and as early as the November meeting which occurred earlier today.

The warnings have been there, and perhaps some have pushed them away as nonsense, because after all we have had warnings before that the Bank of England’s Monetary Policy Committee (MPC) might increase the standard base interest rate. Each past warning since the financial crisis has come and gone without an increase, but this time the warnings have greater odds to come true, and as soon as Thursday. If the rate is increased as expected, it would rise from 0.25% to 0.50%.

The housing market is expecting to be working with a new set of interest rates after the announcement of a hike on the base rate this Thursday. The Bank of England has been hinting at the increase for weeks, and many experts believe there is little to stop the rate hike from happening. This will be the first rate increase in more than a decade and many house owners are scrambling to make sure they complete the process of remortgage into a lower fixed rate mortgage before the news becomes official.

The first interest rate hike in a decade is expected to take place this week. The last base rate increase took place years ago in the midst of the economic crisis of 2007. Last year, the base rate was reduced from 0.5% to 0.25% in an effort to avert a recession following the surprising Brexit vote. Most expect a correction in the base rate to take place this week moving the rate back up to 0.5%.