Those home owners holding a tracker or variable rate mortgage loan were impacted earlier this month as the Bank of England made the decision to increase the standard base rate from 0.5% to 0.75%. This increase appears slight in stature, but could mean the difference between affording the monthly mortgage payment or struggling to get through the month. Housing experts believe there are a smaller number of home owners holding a non-fixed rate mortgage loan now which will affect demand of remortgage for the coming months in the near term.

Remortgage demand has been strong since the possibility of a rate hike increased over time in the early months of the year. Word of a rate increase in the August meeting of the Monetary Policy Committee put many house owners in the position to make a choice to remortgage or pay the consequences of a higher monthly mortgage payment. Many chose the former which pushed housing market data in the month of July to high levels. Remortgage activity was quite strong in July.

Now, the dust is settling and house owners who did not remortgage to this point in the year are searching for deals with low interest rates attached. According to those close to the housing market, they should have a likely chance of finding that. Lenders are offering deals with low interest rates in an effort to snag those home owners who are still on the fence in regard to remortgage.

House owners can still find an attractive deal according to housing experts. Remortgages with fixed rates are available with incentives and unique administration fee arrangements.