The Bank of England’s Monetary Policy Committee (MPC) did what few thought they would on Thursday and increased the standard base interest rate. It wasn’t a complete surprise, but it is expected that there were many homeowners that were caught off guard. For those that have their mortgage deal attached to their lender’s standard variable rate (SVR) they might soon find themselves paying more than they have to in comparison with the savings that could have been found with a remortgage.

The rush to remortgage is expected to be strong in the coming weeks as homeowners go on the hunt for lower interest rates attached to remortgage deals.

Those that are keen to put someone at work to shop for the best deal for them will be looking to remortgage brokers. The brokers don’t work for one specific lender, but rather work with many lenders to the benefit of the homeowner. Not only do they work with many lenders, but they also have access to special remortgage deals that are built for brokers and not offered to the general customers of the lenders. Perhaps that is one of the top reasons that homeowners seek the expert assistance of remortgage brokers.

It is expected that many lenders will quickly change their interest rate offers to a higher level to reflect the action of the MPC. After all, lenders are not charities, but are in business to make a profit. The opportunity to make more money with higher interest rates is important especially when the higher rates will make it more expensive for them to do business in the lending market.

Some lenders will have already pulled their best deals, but others will wait a bit longer. Those deals are the ones homeowners will be looking for whether alone or with an expert to guide them like a remortgage broker. Either way, there are definitely attractive deals to be found and for the financial health of many homeowners the task will be a priority.