The meeting of the Bank of England Monetary Policy Committee last week resulted in a 7-2 vote in favor of delaying the increase in standard base rate. The move was entirely expected as first quarter figures of the UK economy did not support such action. The news was a relief for many close to the housing market who are considering a move at this time or are thinking about a possible remortgage and have not yet committed to it.

Governor of the central bank, Mark Carney, sees an interest rate hike coming later this year as a way to remain in contact with the goal of 2% inflation. Talks earlier this year resulted in the Bank declaring a hike would happen sooner rather than later this year. However, economic data of the first quarter did not support the increase.

The delay in an interest rate hike once again puts home owners considering a remortgage in perfect position. There is now time to do the necessary research of lenders, compile all required documents, and make an informed decision on the lender of choice for a remortgage. Whether it is the same lender or a new lender, there are numerous opportunities available to home owners.

Housing experts see this time as possibly one of the best times in recent history to remortgage. House prices until recently have been exploding in growth, wages continue to struggle to reach the next level, and interest rates are at bottom barrel. Home owners have in front of them abundant opportunity to shift a financial future into the next gear and eliminate some of the stress and strain it may be causing. Applying for a remortgage can now be done entirely online and in the comfort of home.