There are many within the housing community in favor of a hike in interest rates which is expected to take place this Thursday. A feeling exists that the increase will offer a shot in the arm to the market and help curb inflation. There are also opponents of the hike. They feel the hike will only lead to stagnation and lack of optimism just before the holiday season. Savers are encouraged for the first time in years as they will see their money start to grow again.

The Brexit vote has had an impact on the housing market creating many to shelve their buying or selling decisions until later. New taxation and lending criteria have also made waves within the market over the past several months. But, nothing will make waves like a potential interest rate hike which is expected to happen this week. The Bank of England has hinted at the possibility for weeks and the time has come. For those who have not remortgaged, the time to do so is now, according to housing experts.

The recent Brexit vote and other issues affecting the UK housing market have placed stress and burden squarely on the shoulders of anyone close to the market. This has led to many housing decisions to be shelved and tagged for another date. It has also led to a major amount of uncertainty surrounding the market and its future. Couple this with a potential increase in base rate, and many housing experts are up in arms as to what to forecast next.

Homeowners sought out remortgages in September to secure a low interest rate before the historic low level rates disappear. According to experts, next month when the Bank of England’s Monetary Policy Committee (MPC) meets, the standard base interest rate could rise for the first time since 2007. There are many homeowners that could end up in a difficult financial position should their repayments increase, so a remortgage is a security net for the future against rising rates.

The Bank of England has made it clear for weeks that a rate rise is coming. This will be the first of its kind in more than a decade. Interest rates have been quite favourably going down for years and now it has been determined that inflation must be curbed. It reached an unacceptable level of 3% during the month of September. This is a five and a half year high and must be controlled through a hike in the country’s base interest rate.

Many families set goals at the start of each year and set bullet points for where they want each part of the family budget to be by the end of twelve months. Some are focusing on lowering the overall utility cost of the home in which they live. Some are looking at reducing the amount of petrol they consume each year. And some are looking to shrink the amount of cash spent on the mortgage each year. The perfect time to remortgage could be here.