The opportunity for home owners to find an attractive remortgage deal is still quite present according to many close to the housing market. Many lenders increased rates slightly just prior to the standard base rate going through the process of being hiked to the current level of 0.75%. This is a level not seen since the financial crisis in 2009. However, many experts consider interest rates which are being offered by lenders as quite competitive and offer home owners the opportunity to save money on the cost of the monthly mortgage payment.

Not only has the Bank of England’s standard interest rate changed from the Summer of 2017, but house prices are looking different as well. The Bank’s Monetary Policy Committee (MPC) increased the rate twice since last summer. Since March 2009 the rate had stayed steady at 0.25%. In November of last year, and recently at the start of August, the MPC increased the rate at 0.25% during each meeting putting the rate at its currently level of 0.75%.

Homeowners are expected to show strong demand for remortgage deals over the next few months due to the recent interest rate hike by the Bank of England’s Monetary Policy Committee (MPC). Rather than paying more than they have to, homeowners are likely to look for a lower rate. However, while shopping around for a remortgage the homeowners could look over the best remortgage deal and miss an opportunity.

The Bank of England’s Monetary Policy Committee (MPC) voted during their August meeting to raise the standard base interest rate. The rate hike of 0.25% increased the overall rate to 0.75%. While that is still way under what used to be considered normal before the economic crisis, it is three times the level seen this time last year. From March 2009 until November 2017 the standard base rate had been steady and unchanged at 0.25%.

Amid a hike in the standard base rate issued by the Bank of England last week during the monthly meeting of the Monetary Policy Committee, recent data reveals annual house price growth has slowed for areas of the UK housing market. Overall, house price growth has slowed to 3.5%. London and the Southeast have been affected by the decrease in house price growth, whilst the Midlands and the South have experienced the opposite effect.

The Bank of England increased the standard base rate last week after weeks of speculation and hypothesizing over what the new rate will potentially be. This increase took place after a rate hike which was possibly going to take place in May was delayed. The increased rate took the former level of 0.5% and pushed it to 0.75%. After a period of higher inflation the central bank felt it necessary to raise the rates in order to tighten control on the cost of money. This has led many to wonder when the rates lenders charge will begin to increase. The answer is starting to trickle in.