Timing is always important when obtaining mortgage lending. Whether securing lending for a house purchase in the form of an original loan or a remortgage on an existing property, timing is crucial and can mean the difference between paying more or less each month for the monthly mortgage repayment. Timing is quite a heavily discussed topic these days in regard to those homeowners possibly in search of a remortgage in the coming weeks.

There is a possibility interest rates will increase in the month of August during the meeting of the Bank of England’s Monetary Policy Committee. During autumn of last year, the Bank of England openly discussed the probability of an interest rate hike in the month of November. And, just as the Central Bank had hinted about, the hike was voted on and passed. The standard base rate increased at that time from 0.25% to 0.5%. Economic factors like rising inflation supported the rate increase and so it happened.

Fast forward to May of this year. The Bank of England hinted at another rate increase during the month of May, but the economic factors simply did not support such a move. The rate increase was voted down by a large margin. Now, there have been whispers of an increase potentially taking place as the MPC sits down together during the first weeks of August. That is now only weeks away.

Housing experts are now urging homeowners considering remortgage to act now, whilst there is still time. There are many steps involved in obtaining a remortgage and waiting until the last moment will not ensure securing the best deal for the situation. Timing is everything and right now it has the ability to cost the everyday homeowner more pounds for the monthly mortgage, or not.