Homeowners have the opportunity to take a deep breath and exhale slowly with news that experts believe a rise in interest rates pushed by the Bank of England’s action to hike the standard base interest rate has been delayed until later in the year. There had been an expectation that early summer would bring higher interest rates and that was set back to a possibility of happening during the August meeting of the Monetary Policy Committee (MPC).

However, inflation fell more than expected in April and that will likely keep the MPC sitting on their hands until autumn. There is still a high expectation that 2018 will indeed see the MPC increasing the interest rate. It could happen in November making it exactly one year since the last increase to the interest rate by the MPC.

While homeowners can exhale and slow their hurried rush to remortgage, it doesn’t mean they should wait out the process until the rates increase. There are many circumstances that could make waiting a bad option.

One major reason is that lenders could become less competitive at any time dependent on the global economy and that would mean a tightening in lending and fewer remortgage products available to choose from. Another reason to stay focused on remortgaging is that there are currently very attractive fixed low interest rates with long terms available. Waiting too long could make a homeowner miss out on the best deals currently available.

Also, the process to remortgage does take time and a homeowner could run into unexpected delays in that process. Rather than be pushed and stressed to find the best deal, while there is more time on the clock before an interest rate rise it is the perfect opportunity to shop around and find the remortgage that is best for that homeowner’s needs.

Another reason it could pay off to focus on remortgaging rather than wait it out is that anything could change and while experts are forecasting a delay in the MPC voting for an interest rate hike, it doesn’t mean that economic conditions couldn’t change and push them to vote earlier than autumn. Nothing forecasted is for sure; it is in itself an educated guess.

Probably the best reason to remortgage now is the peace of mind it could bring to know one has a fixed low interest rate in place for years to come that will offer a security net to their financial situation. No more watching the forecasts, no more worries, no more stress in knowing there is something that must be done in a rush that matters so very much to one’s financial health.

Remortgaging now while deals are attractive, interest rates are low, fixed rate remortgages are in good supply from lenders, and there is a competitive mode among lenders is enough to encourage homeowners that now might be the best time to get a new deal.