It was in March of 2009 when the interest rate set by the Bank of England’s Monetary Policy Committee (MPC) cut the rate to its current and historic level of 0.5%. Since then there have been several warnings of a possibility of the MPC raising the rate, in fact that was the expectation for the end of 2015. Yet, now experts are forecasting that the MPC could find the need for yet another cut rather than an increase.

Economists are reacting to the recent information concerning the UK economy and the impact of the Brexit vote. Many are calling for an expectation of negative growth in the economy in the third quarter. That slowdown might need to be controlled and therefore the MPC could indeed have a majority vote to cut the Bank’s standard base rate. The cut could happen as early as the next MPC meeting which will meet in a matter of days for the August meeting.

Some believe that extending the QE could come before an interest rate cut.

Should the rate be shifted downward, then there will be a rush of offerings from lenders for attractive mortgages and remortgages. These offerings would be different than the ones currently available, not only because they would be possibly lower, but because they would not be expected to last for long. They would be in other words short lived.

A further cut to the Bank’s rate will likely exist for only a short period, and then the MPC will be able to bring it back up slowly if the economy responds as not only expected, but needed.

Therefore, homeowners hoping to remortgage and hopeful home buyers should be on watch for perhaps the most opportunistic time to gain a cheap and savings laden deal than ever before.