There are many homeowners that are on the verge of their current mortgage deal ending, those that have already ended and have been moved to their lender’s standard variable rate (SVR), and those paying a higher interest rate than needed. They are waiting until the warnings become real and inevitable as to an interest rate hike by the Bank of England’s Monetary Policy Committee (MPC), the rate setters. Waiting could be a mistake though, as time could be running out on the best remortgage deals.

While the UK economy is on a strong path to recovery, that isn’t so for many other economies. The global economy is actually still hurting and very weak. Because of this, the global lending market is a rollercoaster and the cost of borrowing for lenders changes quickly due to the volatile atmosphere of money markets, stock markets, and other economic factors.

The cost of borrowing is likely to become more expensive for lenders. Their swap rates, the rates at which they borrow from one another, are becoming more expensive. That cost will be passed onto borrowers.

Lenders will not wait on a rate change from the MPC before pulling their lowest remortgage deals. Currently there is strong competition between lenders for the attention of borrowers and that has pushed remortgage and mortgage offerings to very attractive and sometimes bottom lows. However, that trend will change. When? No one knows for sure. One lender will make the change and others will soon follow suit.

Because of the new guidelines for lenders with the Mortgage Market Review in place, remortgage and mortgage approvals take longer. Shop now if a remortgage would help you. Remember when it comes to a remortgage or mortgage, time is not your friend. It takes longer to gain an approval, so plan with that in mind when looking at the low interest rates available today.