The next Bank of England Monetary Policy Committee meeting is going to occur this week, but little is expected to change in the month of April. The start of the second quarter of the year is due to see the standard base interest rate remain unchanged. The current historical low rate of 0.5% will have gone unchanged since March 2009.

The end of the May election is when most experts believe the possibility of an increase will occur. The election end, continued growth of consumer confidence, and steady growth of the UK economy will bring together factors that will offer the best opportunity for borrowers to see increased rates.

Another factor that will issue in higher rate offers from lenders is the end of the current competitive lending market. Experts are expecting that the housing market will be seeing a boost with first time buyers which will thaw the property ladder. With first time buyers, there will be those interested in starter homes allowing homeowners looking to upgrade to do so. Mortgage demand will increase and no longer will lenders be competing for borrowers. Rates will be increased on deals offered by lenders even if the Bank remains steady on their rate.

Homeowners, while staying outside the housing market hype, will find that the increased demand for property and lending will impact the current low interest rate deals to be found. Cheap remortgages will be replaced with higher interest rate deals.

Those hopeful homebuyers and homeowners seeking to remortgage should be shopping around soon and keep in mind processing of loans takes longer due to new procedures and policies for lending. It may be time to get off of the fence and start shopping, soon.