The mortgage lending market has heated up since the Bank of England increased the base rates earlier this month. In days following the increase in base rate, many lenders have increased rates tied to original mortgage loans as well as remortgage loans. Lender competition is hitting another gear and borrowers are in prime position to benefit from it. Housing experts are urging those who have not remortgaged, to consider it now.

Some lenders made the decision to increase rates prior to the official announcement of the increase in standard base rate. Borrowers are finding lenders now competing heavily for their mortgage lending business.

Some house owners who are just now remortgaging are still finding lenders who are offering big incentives to remortgage. Lenders are now even offering cash back incentives to switch lenders and come to them.

It has been a borrowers market in remortgage for years, but since the increase in standard base rate times could be changing. Just months ago in the middle of 2017 home owners could find huge savings if remortgaging. It was not uncommon for house owners to save £50 to £60 off the cost of their monthly mortgage payment simply by securing a lower interest rate deal.

Now, house owners can still find attractive deals and deals which could save them money each month. Lenders are actively making it attractive to take another look at remortgaging if not doing so for the first time.

The remortgage market has heated up and now borrowers can find deals which could benefit them for years to come.