Homeowners, home movers, hopeful home buyers, business owners, and borrowers in general will be attentive to the final interest rate meetings of the year to be held in the starting weeks of November and December. The Bank of England’s Monetary Policy Committee (MPC) will be discussing if there will be further interest rate cuts to the present standard base rate of 0.25%.

In August the MPC chose to cut the interest rate in response to protect the economy from a recession following the Brexit vote. It was the first time the rate had been cut since March 2009. The cut from the then long standing 0.5% by half marked yet another historically low level for the Bank’s rate.

There have been discussions that the MPC could further cut the interest rate, while there have been statements that further declines in the rate would not be helpful to the current economy’s state.

Much of the decision will be dependent on the MPC members themselves and their own interpretations of the data available to them concerning inflation and other factors that would be impacted either positively or negatively by allowing the rate to remain steady, or if it were to be cut, or even increased.

Borrowers will be most concerned with the immediate impact on the lending market and whether loans, including remortgages and mortgages, will emerge with even lower interest rates. Experts are not entirely sure if lenders could offer much lower rates since so many have come to the market with their own historical low deals. If they do, it might require strict requirements and a stellar credit history to be approved.

Yet, experts also remind borrowers that there is more to a loan, especially so for remortgage deals and mortgages, than a cheap interest rate in making it attractive. Some of the cheapest are attached to restrictions and fees, and they lose their appeal when compared to one with a slightly higher rate, lower to no fees, with incentives in place to make it hard to pass over.

Playing the waiting game to find a lower interest rate could be a gamble, for currently the very best remortgage, mortgage, and other loans may have already appeared in the market. They could also as quickly be pulled. Being diligent in shopping around or using a broker to assist is the best way to decide whether to wait out the end of the year or decide to proceed for the best deal and interest rate that can be found now.