The Bank of England made the careful decision to raise the standard base rate in the last meeting to 0.75%. This rate rise affects anyone on a standard variable rate mortgage lending product or tracker product. For those home owners who are able to remortgage, there is still time to obtain a fixed rate loan. Lenders are in heavy competition currently and are offering special deals with unique incentives. It is not uncommon to find free closing costs as well as other no-fee administration costs from lenders, according to many close to the housing market.

For home owners who are at the maturity date for their current mortgage, there is still time to apply for a remortgage and find a deal with a low interest rate. Lenders are currently locked in a race of sorts to find clients who are eligible to remortgage.

The reality for home owners currently is simple. The standard base rate was increased last week from 0.5% to 0.75%. This will have an effect on monthly mortgage payments for those who are not holding a fixed rate mortgage deal. Lenders are now in the process of increasing interest rates on property lending. But it is not too late for home owners to possibly find an attractive deal featuring a low rate.

Many owning property within the housing market are now in transition and lenders are eager to make it possible for home owners to transition to another mortgage loan with as little pain as possible. This includes offering deals which include low interest rates and incentives on administration and other fees associated with the process.