A recent announcement by the Bank of England governor, Mark Carney, has many house owners scrambling to make a decision regarding their home mortgage product. The issue on the table is whether or not to remortgage. Although there are still many home owners not even aware that a remortgage is possible, quite a large number have and continue to make a move and take advantage of what a remortgage has to offer. Locking in a solid low rate before the base rate increase is wise, according to experts of the UK housing market.

According to the minutes of the last Monetary Policy Committee, an increase in the base rate is highly likely to take place. Banks are already responding to the news by taking the best mortgage rate products off the table in preparation for what is to come later this year.

At the moment, low rates are still available due to the competition among lenders which has taken place during the last few months. A reversal in this trend is expected due to the announcement by the Central Bank. More attractive deals are still out there for those looking to remortgage and find a more suitable product for the long run.

Mark Harris with SPF Private Clients commented on the latest industry news and discussed the actions of the typical house owner, saying: "Anecdotally, the first rate rise is the trigger point but it may even be the second or third increase, as that is when there is a significant impact to a household's expenditure and people then remortgage to 'save' money. However, by then the best fixed rates will have long gone.”