Economists have been predicting that the earliest increase in the base interest rate will be in May. That will be the meeting in which the Bank of England’s Monetary Policy Committee (MPC) will have the first quarter’s data on the gross domestic product figures. This may or may not push the committee to hike the rate upward for the first time in more than two years. That is good news for those homeowners that have not taken advantage of the remortgage deals lenders have brought to the lending market.

The MPC left the March meeting with the rate unchanged. The minutes from the meeting will not be released until March 23. Their release will inform as to how close the committee was to raising the rate. No matter how close, the fact remains that the rate is still unchanged and that is an advantage that homeowners should consider when trying to determine if they should remortgage now or not.

Homeowners have a few more weeks at the least in which to gather an informed viewpoint and shop for great remortgage deal before the next meeting. Great deals are available, in both fixed and tracker deals. Not long ago the news was that the best fixed rates were being pulled from the table by lenders. However there are now new products on the market and great deals being renewed for the benefit of those homeowners that could save with a remortgage.

Now that the MPC meeting has been held and passed the focus can now be put back on the fact that there are homeowners out there that have yet to take advantage of the remortgage deals available. A fixed rate can remove the risk involved in an increasing rate. There are also many situations in which a homeowner would and should choose a tracker deal. With the high demand on fixed rate remortgages there has been a more competitive nature of lenders in presenting tracker loans and the homeowner could benefit from this. Until the MPC raises the current low rate homeowners can take advantage of the low remortgages available and right now the opportunity is forecasted to be good until at least May.