In the most recent meeting of the Bank of England Monetary Policy Committee, the standard base rate was increased from 0.5% to 0.75%. This increase places the base rate at a level now equal to that of the rate which was present in March of 2009. This is only the second time in a decade in which the standard base rate was increased. Many close to the UK housing market were expecting such an increase, especially following the delay in the hike of interest rates during the May meeting earlier this year. Many house owners are wondering at this time, is it too late to remortgage?

The answer according to housing specialists is no, it is not too late to remortgage. Although, there is quite possibly very little time before mortgage rates will start to creep up. There are still good deals available. Home owners must act quickly in order to potentially take advantage of a deal before it is too late.

Lenders will be affected immediately by the increase in standard base rate. They will also however not increase the rate immediately to their customers, but will soon.

Remortgage deals with low interest rates and incentives have been out there for months now, and they will be there for a short time after today. Housing experts suggest gathering all documentation regarding the current mortgage loan and start doing some research. It is quite likely it is possible to find a good deal before it is too late.

The Bank of England is promising another possible increase in the coming months, so a fixed mortgage loan currently is quite a wise choice for the future.