On Wednesday the Bank of England’s Monetary Policy Committee (MPC) will meet for their monthly meeting to consider the state of the UK economy. There had been speculation that the MPC could possibly cut the current standard base interest rate from its historically low level of 0.25%. However, the possibility is less likely now that data on the economy reveals that the third quarter GDP totals did not experience the fall expected following the Brexit vote on June 23.

The possibility of the MPC holding the current base rate steady could lead to a rush in mortgage and remortgage lending. No one could blame those that have been sitting on the fence waiting to get the best possible interest rate available; hoping for at least one more cut to the rate before getting their loan was a possibility. Now that the MPC is expected to keep the rate at its current level it becomes more evident that the best deals might be the ones currently available from lenders.

Remortgage demand has been strong, but there are many homeowners out there that have had their mortgage deal end and have allowed their interest rate to convert to their lender’s standard variable rate (SVR). This interest rate, which could be changed with little warning by a lender, is a risk to homeowners that are on a tight budget concerning their monthly repayments.

There are also a lot of homeowners close to having their deal end that could benefit by choosing a new remortgage now, while rates remain cheap from lenders. The cheapest deals are not guaranteed to remain available just because the MPC keeps the standard base rate steady. Therefore, if a remortgage is a consideration, it might be worth looking into the attractive deals available now while lenders are still competitive and seeking new customers by offering great deals.