In the shadow of a possible interest rate hike by the Bank of England’s Monetary Policy Committee (MPC), landlords have turned out in great numbers to remortgage. According to a recent report, the majority of landlords remortgaging are looking for a lower interest rate. There have been fewer buy to let remortgage products available for property investors, but there are plenty enough for those looking to make a smart financial decision to pay less in interest than more.

The forecast for the MPC to increase the interest rate has been extended by some economists to happen later in the year, perhaps in autumn rather than in summer. This has extended the window for those that have yet to remortgage to do so with more attractive deals than they would have found otherwise.

Landlords aren’t the only group shopping for remortgages. Homeowners are also busy shopping for their own lower interest rate and/or fixed rate deals. Homeowners definitely have more remortgage products to choose from, and actually new ones have been showing up. Some lenders have noticed that older homeowners could benefit from a remortgage and are offering deals to them. Older homeowners had been shut out of remortgaging, but that growing demographic of homeowners could offer lenders a wider customer base with the new offerings.

Remortgage lending is likely to remain in strong demand throughout summer as homeowners continue to work ahead of any interest rate increase and secure a safety net for their financial future with a remortgage deal.