During the month of August the first change in the Bank of England’s standard base interest rate occurred. The Monetary Policy Committee (MPC) made the first adjustment to the rate since March 2009. The change was both a surprise and expected at the same time. It was a surprise that the interest rate declined rather than increasing, and yet it was a change that was inevitable after the Brexit vote.

For years there have been warnings that homeowners should be on the alert to possible interest rate changes. If repayments of one’s mortgage would adjust upward with an interest rate increase, then it could put hardships on a family budget. Those that have had their mortgage deal end and have been moved to their lender’s standard variable rate (SVR) were at the most risk to a surprise hit to their budget.

Yes, the warnings came and went with the changes in the UK economy and the global economy that occurred, and then the Brexit vote forced a change. A change happened, and yes the rate declined, and while borrowing was therefore cheaper for those like homeowners on variable rates and those getting a new deal, such as a new mortgage or remortgage, there could now be new, more important considerations.

The interest rate will be rising. The interest rate level now is not a norm. Those that need to take notice, such as homeowners that could benefit from a remortgage need to consider their options.

There is perhaps not a better time to consider a remortgage, as lending has not tightened up entirely and interest rates are indeed low. Some lenders are still in a competitive mode, which is great for borrowers that discover them.

However, there is the possibility to sit quietly and watch changes take place and opportunities pass by, because we have had low interest rates for so long to finally see them change to something lower. If the economy is to rebound, to gain health and secure the UK’s future, it must grow and interest rates will grow with it. It is a part of the equation.

If a homeowner could benefit from a remortgage deal, then it is definitely worth considering now, because while the UK economy is bearing a hardship after the Brexit vote, it is proving it is much more resilient than some expected, and that means a quicker rebound, a return to health progress, and rising interest rates for borrowers.