The benefits of a remortgage have been well documented and house owners are still finding exceptional deals on the mortgage lending tool. Since the Bank of England made the decision to increase the standard base rate in this month’s meeting of the Monetary Policy Committee, property owners are scrambling to remortgage before lender rates increase. Benefits like low interest rates are the predominate factor in determining cost savings moving forward.

Many house owners were relieved to see the Bank of England delay an increase in the standard base rate during the May meeting of the MPC earlier this year. In months leading up to May, the central bank had been hinting at a possible increase due to higher inflation. The economy posted a few months of challenging financial data leading up to May and in turn, an increase would not have benefitted the economy at that time.

Fast forward to the meeting just a few days ago during the monthly gathering of the MPC. The economy had seen healthier data posted in the few months prior to the beginning of August. This unlocked the door for an increase in the standard base rate to occur. The base rate was hiked from 0.5% to its present level of 0.75%.

House owners still have time to obtain a deal which will save money on the cost of their monthly repayment of the mortgage. Lenders are still offering fixed rate deals in several term lengths. It is not uncommon for a fixed remortgage deal to be found in 5 to 10 year maturity terms. House owners still have time to find an attractive deal, but according to housing experts, the window of opportunity will be soon closing.