The comments by Bank of England governor Mark Carney a few weeks ago have had major effect on those looking to obtain a home mortgage or remortgage their current place of residence. Those comments also led to many lenders increasing the mortgage interest rates on current products in preparation of a certain increase in the amount of base rate. He mentioned in his words that the increase would likely take place at the end of the year to beginning of 2016. For those looking to remortgage, now is the time to put serious thought into doing it, according to industry experts.

David Hollingworth of broker London & Country, commented on the current state of possible deals available in the remortgage market, saying: “The deals on offer are still exceptionally good value, but there is unlikely to be any benefit to holding off if you’re thinking of remortgaging.”

Hollingworth also noted banks have more than likely factored in the first rate rise, which is likely to be .25%. The base rate is expected to rise gradually with time as borrowers will certainly take time to acclimate to the new mortgage loan amounts, unless they are in a fixed product arrangement with their lender.

A remortgage can be a game changer for many house owners. It is possible that a remortgage could significantly decrease the amount of a monthly mortgage payment amount. That coupled with the opportunity to free up cash which is the equity built up in a house, is more than attractive to most house owners to investigate the possibility of a remortgage. Many deals are still available and can even be obtained online.