Many homeowners have converted to their banks standard variable rate and are sitting watching for reports of when economists feel the Monetary Policy Committee (MPC) will raise the base rate. They sit and wait for predictions to decide whether they should stay or move on to a remortgage that could be less of a risk and save money in the long run. However, it doesn’t take a base rate increase for a mortgage to go upward. Many banks have announced a soon to be seen increase for those that hold a SVR mortgage.

The cost of lending money has increased and lenders are passing on that increase to their borrowers. That is why many who find themselves soon to be on the SVR of their bank should seek advice from a remortgage expert as to whether a move would be financially smart. Surveys from last year showed many homeowners were not even aware of what type of mortgage they had and that if they educated themselves many could save thousands of pounds over the lifetime of the loan by shopping remortgage deals.

In recent days due to the higher demand on remortgage products and the higher cost for lenders to loan money many of the very best fixed rate deals were pulled from the market. Lenders could not make money on the products, especially if the MPC raised the rate and so the deals disappeared. The best ones of weeks past may be gone, but without that comparison the current deals are still good and worth a second look. Should inflation continue to rise the rate will surely rise and how far over the years ahead is unknown. It is that unknown that puts many homeowners ill at ease and is worth a glance at the current mortgage and to shop for what remortgage deals are available.