Those expecting to be able to wait through the holiday season of 2015 for an increase in base rate to take place will likely not get their wish. Recently, the governor of the Bank of England made it clear that economic conditions are prime to see an increase sooner rather than later. Mark Carney alluded that the sooner could be by the turn of the year, and possibly before the holidays in the month of December.

The base rate has been sitting at the low level of 0.5% since the end of the first quarter of the year 2009. It does not seem like it has been more than six years, but it has. The low rate has meant quite a lot to house owners and house purchasers alike. It has meant lower interest rates for many who have obtained a mortgage loan in the past few years. Mortgage rates have likely hit the bottom of the barrel.

According to the Bank of England, 4.4 current house owners out of 10 have obtained fixed rate mortgages. Whilst new house buyers are looking even harder for stability in a monthly mortgage payment. Nine out of ten have opted to obtain a fixed rate mortgage loan product.

Almost 60% of the remaining mortgage borrowers are paying on an SVR or tracker mortgage.

As news of the possible rate hike spreads, remortgage activity will likely shoot through the roof, and for good reason. Low rates are not set in stone. Things change, and with the strength of the current economy, fundamental data suggests successful days will last for a while. Those looking to remortgage might want to start looking for a suitable product.

Remortgage on a house can be quite beneficial for several reasons. The biggest advantage could be finding a much better loan product equating to lower monthly payments on the mortgage. Equity in the home can also be freed up allowing an owner to make home improvements, renovations, or even take that holiday which up until now has just been a wishful conversation.