In November 2017, the Bank of England’s Monetary Policy Committee (MPC) voted to increase the standard base interest rate from the historic low of 0.25% to 0.50%. While the increase could seem minimal, consider that in one move the rate doubled. Then again in August 2018 the MPC increased the standard base interest rate by 0.25% once more taking it to a level of 0.75%. That meant that the rate was at the highest it had been since 2009 and it was triple the level seen in the greater part of 2017.

Homeowners with variable or tracker mortgages were suddenly paying more and were in a rush to remortgage to secure a low interest rate. There were many good remortgage products available and there still are attractive deals to be found.

Those that have not remortgaged could be facing yet another set of increases in the coming few years, if not earlier.

There are warnings that the expectations of some experts could be off and that there will be more growth than expected in the shadow of Brexit. If even marginal recovery occurs it could mean that the MPC will again put in votes to increase the Bank’s rate.

Demand for remortgages is expected to increase as warnings grow louder of possible interest rate hikes. Homeowners are encouraged to start shopping earlier rather than later for deals as lenders could change their offers quickly as global economic markets influence their ability to keep offered interest rates attractive.

Grabbing a fixed rate low interest rate remortgage for a lengthy term could give peace of mind against the uncertainty of when and how much interest rates could rise in the years to come.