On Thursday, 2 November, the Bank of England's Monetary Policy Committee (MPC) is set to convene, and all eyes are on their decision regarding the standard base interest rate, currently resting at 5.25%. With inflation stubbornly steady at 6.7% for two consecutive months—more than three times the Bank's target rate of 2.0%—and recent reports of increasing unemployment, the implications of the MPC's choice are far-reaching, particularly for homeowners reaching the end of their mortgage terms and considering remortgaging.

The next meeting of the Bank of England's Monetary Policy Committee (MPC), scheduled for Thursday, 2 November, is generating significant attention. There's an air of anticipation surrounding this meeting, with diverse expectations and viewpoints from MPC members, experts, and government officials. The meeting is poised to be pivotal, as it will determine the fate of the economy and the battle against inflation. The forecast is for either the rate to remain steady or for it to be raised a minimal amount such as 0.25%.

Homeowners have been warned to prepare for a loss in property values due to a decline in the housing market. The result of losing property value could impact the ability to remortgage and the offers available to the homeowner. The economy keeps taking swings at consumers and for homeowners the hit could take them by surprise as they wait unaware of what is to come. There is little that can be done about the housing market or how it will perform in the months ahead, but those impacted by it could prepare and avoid damage as much as possible.

Forecasts are pouring in for the expectation of what will occur during the next meeting of the Bank of England’s Monetary Policy Committee (MPC) scheduled for 2 November. The last meeting of the MPC broke the fourteen consecutive meeting trend in which the members had voted for the standard base interest rate to increase. The September meeting had a majority vote to keep the current 5.25% rate steady with some believing the rate will be the peak needed to bring inflation under control.

House prices are declining and along with the purchasing price of properties, the value of properties owned could fall. For many homeowners, there is little concern about the value of their property as it rises and falls during economic times. However, there is a reason to be concerned. When homeowners come to the end of their mortgage term and seek out a remortgage, the value of their property matters. It can make a difference as to whether they can or cannot remortgage, and it will come into play as to what remortgage offers they will qualify for and that could bring about a lower or higher interest rate for the homeowner.

The government data on the UK housing market revealed a slight increase in the annual average house price in August, but less than the increase of the annual average house price in July. According to the Office for National Statistics (ONS), there was only an increase of 0.2% for the annual average in August which took the house price to £310,000. The monthly increase from July to August was 0.3%.