As house owners entered the month of August this year, most of them had already remortgaged, obtained a lower fixed rate and started saving money on the cost of their monthly mortgage payment. The Bank of England Monetary Policy committee met early in the month and raised the standard base rate from 0.5% to 0.75%. This increase was expected during the latter part of 2018 since the forecasted increase in May did not happen.

Following the August increase of 0.25%, interest rates from lenders lingered, barely changed and stood at the same pre-increase rates for not just weeks, but months. Now, lenders are raising rates and time is running quite short for house owners to find a suitable fixed rate deal before most lenders have followed the same path and raised rates on their products.

Interest rates are the most impactful factor for a house owner when finding the right mortgage lending deal. Just a slight change in interest rate connected to a deal can change the monthly mortgage payment amount by hundreds if not thousands of pounds. Interest rate levels are massive and critical to a house owner looking for a better deal.

Housing experts are urging those who have not remortgaged so far to stop waiting and start researching. Many lenders have yet to raise their lending rates on popular financial products, but could at a moment’s notice.

The uncertainty created by Brexit leaves little predictability to what comes next in the housing market. House owners could still find a fixed low interest rate remortgage by doing a little searching and finding out exactly what is still available.