The Bank of England increased the standard base rate last week after weeks of speculation and hypothesizing over what the new rate will potentially be. This increase took place after a rate hike which was possibly going to take place in May was delayed. The increased rate took the former level of 0.5% and pushed it to 0.75%. After a period of higher inflation the central bank felt it necessary to raise the rates in order to tighten control on the cost of money. This has led many to wonder when the rates lenders charge will begin to increase. The answer is starting to trickle in.

Lenders have now started increasing the interest rates on mortgage lending products across the board. Some higher profile lenders have already increased rates on lending, but many savings account interest rates are still under review. The increase on lending rates will likely take place over the period of weeks compared to only a few days.

Finding remortgage deals from this point forward is still possible in the opinion of many close to the housing market, but only for a limited time. In order to find an attractive fixed rate remortgage deal, a borrower will likely have to perform more research and analysis of what is available in the market. Lenders will hold out increasing rates as long as possible. Then, there comes a time when it is simply not possible. Rates on products go up.

Home owners who have not remortgaged at this point still have time. Choices are now more limited and they will become even more limited as time passes. Experts suggest making an attempt to remortgage is still a wise decision.