Remortgage lending is expecting perhaps the biggest boost in years in the coming months. Homeowners are expected to be aggressive in seeking out a fixed rate remortgage to secure their financial health in the years to come against rising interest rates. The sooner the better for those looking for a remortgage according to experts, as many lenders have already pulled some of the lowest and best remortgage deals from the market.

According to one source, half of all lenders pulled at least one of their most attractive mortgage deals prior to the Bank of England’s Monetary Policy Committee (MPC) meeting the first week of November. It was at this meeting that the standard base interest rate was increased for the first time since 2007. It doubled from 0.25% to 0.50%.

There are millions of homeowners that have never experienced an interest rate increase with their mortgage repayments. This has led to an astounding number that let their mortgage deal end and moved to their lender’s standard variable rate (SVR). This rate is seen as risky for those on a tight or strict household budget, for lenders can and do quickly change their SVR to reflect the market and that can put homeowners in financial stress.

A remortgage is the path to escape the rising rates that will be hitting those that are on their lender’s SVR or for those soon to have their mortgage deal end. Therefore, considering a remortgage while there are still attractive deals that reflect the historically low interest rates that had become the norm could have its advantages.

Shopping online or working with a remortgage broker to see what options and opportunities are available is likely the one thing to put at the top of one’s to do list before the end of the year. As stated previously, the sooner the better is good advice for homeowners that could benefit from a remortgage.