UK homeowners with mortgages maturing in the coming weeks will be possibly faced with a dilemma. Interest rates are potentially rising during the month of November, according to the Bank of England. This leaves property owners facing a difficult situation. Opting out of a deal prior to maturation could bring with it high fees for exiting. But locking into a new deal through remortgage could save hundreds off the cost of the monthly mortgage immediately. Attractive deals with low interest rates are here now, but how long will they last?

Historically low interest rates have been prevalent for months now and that is likely to end in the weeks ahead. The current base rate of 0.25% is expected to increase to at least 0.50%. Depending on the monthly mortgage amount, the increase could result in a significant increase in the amount of mortgage payment.

Some deals are created with extra fees if the mortgage is paid off early. This is an important part of analysing the fine print when obtaining any mortgage loan.

Homeowners could be faced with the dilemma of paying an additional fee if they choose to opt out of a deal early. Housing experts recommend combing through all the details of a mortgage agreement when considering a remortgage. There is the real possibility of saving money immediately with a new deal and just paying the additional fee which is required.

Housing specialists see this additional fee as a requirement, but also understand the power in securing a much lower interest rate before rates rise. Every detail of a mortgage loan is important and understanding the cost of opting out is imperative to obtaining the right deal for the situation.