Interest Rates can Change without Much Notice Especially in Uncertain Times
The Monetary Policy Committee of the Bank of England voted against raising the standard base rate during the last meeting. The current rate is 0.5% which had been even lower at 0.25% before November of last year. These rates are at historic lows and homeowners are benefitting by securing a remortgage at this time. Those moving home are also making out quite well as rates are not expected to move for another couple months, according to housing experts. Those close to the market though are urging those who are on the fence to move ahead now instead of later.
The latest meeting of the MPC saw the standard base rate end where it began, at 0.5%. Since the meeting in November in which the base rate was increased, the Bank of England has made public comment regarding the possibility of another increase occurring in the month of May this year. The increase did not take place due to economic factors which did not support such a move. Now, however, time has passed and a possible increase in August is on the table.
Whispers of an increase from some of the more conservative members of the voting committee of the MPC are surfacing. This is only two months away, well within sight. Those who are considering a housing move are urged to do so in the coming weeks compared with later.
Those considering a remortgage should move quickly and not regret moving too slowly at this time according to many close to the housing market. Rates could change quickly and without much warning.