For those homeowners that have been thinking of waiting on a remortgage until interest rates drop even further, the wait may be ending. Notice has been given to UK borrowers to not expect any more interest rate cuts by the Bank of England. According to the Bank’s Deputy Governor Sir John Gieve, cutting the interest rates will not be helpful to the economy.

Sir John states that any small extra cuts to the rate at this point would have very little impact and would be short term, as rates are already at the lowest level in history.

There have been reports that the Bank of England’s Monetary Policy Committee (MPC) would be cutting the rates by a small amount before the end of the year from the current 0.25%. Even so, that would not likely amount to much more of a cut by lenders in their offers on mortgages and remortgages. After all, Banks are in the business to make a profit, be able to operate to serve customers, and to pay their employees, so they can’t lend money for free.

Lenders therefore may have reached their rock bottom level in which to be competitive, and if so, many could hold their offers steady or choose to pull their cheapest deals.

Perhaps the very best remortgage deals to be found are currently available.

Homeowners might do well to consider shopping around now or in the very near future while remortgage deals remain attractive and while lenders are still in a slightly competitive environment. Should lending tighten due to unforeseen global economic changes or in a cautious response to the economy at the turn of the year, those hoping on the lowest interest rate remortgage would have missed out.

Experts agree that homeowners should heavily consider a remortgage if one would be beneficial to their financial health. Savings could be found, a fixed steady rate for a long term to assure budget friendly repayments, and/or equity cash release to assist the financial needs of the homeowners could be possible. Benefits could abound with the right remortgage with the best interest rate available, which could be out there waiting on the home owner yet to take action.