Homeowners navigating their way through the difficult-to-understand world of mortgage lending are not alone. There are numerous terms to understand during the process whether it is the first time buying a house or the fifth time. Professionals along the way can help guide and give advice, but ultimately the decision is in the hands of the one repaying the mortgage loan each month. Therefore, it is important to realise what could impact the monthly mortgage payment most of all. The one factor impacting a repayment amount each month will likely be interest rates.

Interest rate levels obtained through mortgage lending are controlled by the standard base rate. The standard base rate of the Bank of England currently sits at 0.5%. The standard base rate prior to November of last year was 0.25%. Historically speaking, both of these rates are extremely low and should be embraced for how significantly low they truly are.

Looking at the history of interest rates can only leave one who is purchasing property of any type to appreciate the level of the current standard base rate. Not only are those who are buying a home with an original loan obtaining a low rate, those who are remortgaging are also benefitting greatly.

Remortgage enables a homeowner to obtain a lower interest rate on their current mortgage lending deal and subsequently, save money. The magic which takes place immediately for homeowners paying a lower monthly mortgage payment can be financially life changing. Housing experts are urging those who have not obtained a fixed rate remortgage loan to start considering the move now.

Interest rates are currently at a level which could benefit millions of homeowners through remortgage, as well as home movers.