New data should be released soon as to the latest compiled information on remortgage lending. Even before the Bank of England’s Monetary Policy Committee (MPC) started dropping hints of an upcoming increase to the standard base rate, remortgage lending was in high demand. Homeowners were awakened when the MPC increased the rate for the first time in years in November 2017. At the point that the rate started to see increases, it was evident there would likely be more, and the next one is expected in May.

There is no reason to believe that remortgage lending will have lost any interest from homeowners. The ability to secure a low interest rate at a long term fixed rate would offer a financial security net to those homeowners that had been moved to their lender’s standard variable rate (SVR). A remortgage could also offer safety against rising rates to homeowners that are close to their current mortgage deal ending.

Lenders are still in a competitive mode and borrowers could find more remortgage products available than were on the market just months ago. This offers more options for homeowners keen to get a new deal before the interest rates increase again. Some homeowners could save thousands of pounds if they escape having their repayments attached to a higher interest rate.

Experts do suggest that homeowners consider a remortgage and perhaps shop around for deals to see if it could help them financially over the course of coming years should interest rates increase. They also suggest that homeowners take into account an entire remortgage and not just the interest rate. A lower interest rate might not be attached to the best overall deal. Take into account the entire savings of a deal including any fees or costs aside from the savings found with a lower interest rate.

Homeowners will indeed need to keep an eye on how the changes by the MPC could impact their mortgage repayments and if a remortgage might be helpful, then begin shopping around to determine the best choice for their unique situation.