This morning the Bank of England’s Monetary Policy Committee (MPC) will meet to discuss the state of the economy and determine what to do with the standard base rate. Most of the economists that have forecasted agree that the rate this month will remain unchanged. The rate is now at 0.75% and it will remain so if the majority of the committee votes to keep it steady.

There are a number of other central banks, including the U.S. Federal Reserve, that are expected to cut their rate at least once by the end of the year. However, that is not expected to be the action taken by the MPC by close of 2019. Instead, most believe there will be at least one increase of the rate by the end of the year.

There remains a lot of uncertainty surrounding Brexit. Having been postponed till October 31, the new Prime Minister Boris Johnson has stated that he will conclude Brexit and take Britain out of the EU with or without a deal. Most experts believe a no deal Brexit could bring about a recession and impact the global economy as well. That could mean a cut to the standard base rate by the MPC despite the expectation of an increase.

Such uncertainty in whether the rate will be cut or raised puts borrowers in a situation that can have them waiting and getting the best deal or missing out and finding the best deals are gone if the Bank’s rate is increased.

Homeowners are being encouraged to take action and start shopping for a remortgage sooner rather than later. Should the homeowner’s current mortgage deal end and they don’t remortgage, they will be moved the lender’s standard variable rate (SVR) and that could be risky for most homeowners. Not only can the rate increase by the lender with little notice making it necessary for homeowners to rush to remortgage, but current SVRs can be double or more what most homeowners are paying if they secured their mortgage deal two or more years ago.

While today’s MPC meeting will not likely bring many surprises and will end with the standard rate still at 0.75%, in the weeks to come more will be revealed and homeowners that don’t take action now should be ready and on the mark to take action quickly should the need arise due to a rate hike.