Homeowners sought out remortgages in September to secure a low interest rate before the historic low level rates disappear. According to experts, next month when the Bank of England’s Monetary Policy Committee (MPC) meets, the standard base interest rate could rise for the first time since 2007. There are many homeowners that could end up in a difficult financial position should their repayments increase, so a remortgage is a security net for the future against rising rates.

According to UK Finance there was a 5% increase in gross mortgage lending in September. Remortgaging is expected to give the lending market a boost in the final months of the year as homeowners take heed of the interest rate increase warnings and seek out remortgages perhaps at record levels.

Should the MPC increase the rate next month it is expected that the current level of 0.25% will increase to 0.5%, but that might not be the last seen in the coming months. Experts believe that a greater increase than 0.25% will be needed only the MPC will make increases slowly.

Homeowners are encouraged to take a look at their current mortgage deal and if securing a low interest rate for years to come would put them in a secure financial situation, then seeking out a remortgage would be encouraged, and soon.

If the MPC passes over the month of November with no change to the interest rate, then it will offer more time for homeowners to search for an attractive remortgage, but that doesn’t mean the best deals will still remain. Lenders could and probably will begin to pull their lowest and perhaps best deals before the MPC takes action.