Homeowners sit up, take notice.  It is time to take a serious look at the possibility of a remortgage.  This concerns almost every homeowner.  Whether locked into a long term fixed rate or currently sitting on your lender’s standard variable rate (SVR) it is time to take a good long look at the remortgage offers available from lenders currently.  The days of the historically low interest rate for a remortgage or mortgage deal are soon to end.

Economists are warning that the Bank of England’s Monetary Policy Committee (MPC) is perhaps only months away from beginning the promised slow and steady increase to the standard base interest rate.  Perhaps, for the sake of the UK economy and that of the Global economic health, the rate will never again be at the low 0.5% rate for which it has been unchanged since March 2009.

This means that perhaps the lowest remortgages to be seen for decades ahead are those that are currently available.

Even those homeowners already in a mortgage deal could find that taking a remortgage even with penalty fees for ending the deal early would be worth a switch before rates increase.  Those with their mortgage having ended and moved over to their lender’s SVR will be at risk to see their interest rate change quickly and with little notice.  This could occur before the MPC raises the Bank’s rate since lenders may increase their SVR as needed and when needed apart from actions of the MPC.  Only homeowners with a budget that can handle quick increases in the interest rate should remain without concern.

For those considering a remortgage, it will pay off to spend time shopping around or seeking the services of someone that can do all the shopping around for them by using a remortgage broker.  Remortgages take longer these days due to the new lending requirements put into place in April by the newly adapted Mortgage Market Review.

Once remortgage deals are narrowed down it is important to take into consideration the cost of the whole remortgage which includes the cost of any fees against any savings brought on by gaining a lower interest fee.

Whether a cheap deal is taken or not, it could serve helpful to take a hard look and get a picture of how one’s current mortgage stacks up against a new remortgage deal.