According to a recent study there are many homeowners that are unaware of the details in their current mortgage and they could be missing out on the opportunity to remortgage when the timing is good. Currently there are great remortgages on the market but they are sure to disappear once an interest rate increase occurs and forecasts have called for one anywhere between May and August. By becoming more intimate with their mortgage a homeowner could be more aware of what an interest rate increase would do to their monthly mortgage payments and know if they should or should not be considering a possible remortgage deal.

The recent study by unbiased.co.uk stated that there were approximately 3.5 million homeowners that were unfamiliar with their mortgages and therefore could be surprised once a rate increase occurred. The study further showed that homeowners that did know some details of their mortgages, such as what type of mortgage they had, were still unaware of what an increase would do, even those on a fixed rate mortgage.

Homeowners have simply to contact their present lender to find out more about their mortgage and to learn of what an increase would do. It is then up to the homeowner to do some smart shopping and determine the best remortgage deal for their situation. It is the May meeting of the Bank’s regulators in which they will first have a review of the first quarter’s GDP. The strength of the economy as well as the level of inflation will have an influence on their decision to either raise the rate or let it stick at 0.5 per cent. Until then homeowners have time to learn more of their own mortgage.