The Bank of England’s Monetary Policy Committee (MPC) is expected to make another increase to the standard base interest rate in the next few months if not as soon as May. The possibility of higher interest rates is pushing more demand from those considering high borrowing levels such as home buyers seeking a mortgage and homeowners in need of a remortgage. By taking action before an increase occurs borrowers could save thousands of pounds.

Experts believe that the MPC is showing signs that an interest rate hike is on the horizon and with that warning there are encouragements that if a low interest rate would help with one’s budget then action toward borrowing should be considered sooner rather than later. This would include those homeowners that have had their current mortgage deal end and have been moved to their lender’s standard variable rate (SVR). A fixed rate remortgage could offer a security net against rising rates for years to come.

Because remortgage and mortgage demand is expected to be high in the coming weeks and months, it might do well for a homeowner or hopeful home buyer to shop soon while lenders are still in a competitive mode. There are very attractive deals available and perhaps more products on the market than in previous months, which means more choices and options with lower interest rates than will be available after an interest rate hike occurs.

The time to wait for a better deal is closing according to experts, for the interest rates available now will shift quickly once the MPC makes a change and increases the rate. Grabbing a fixed low interest rate now might be a smart financial move for anyone that is budget conscious or seeking to not pay more than they have to for months or years to come.