Homeowners that have recently shopped for a remortgage would have found themselves with many options that included long term fixed rates and low interest rates. Some of the interest rates connected to remortgages would have been historically low for the lenders. While it is a very competitive market currently and lenders are fighting for the attention of borrowers thus the historically low rates, it has become a norm for many homeowners.

A lot of the homeowners that will have shopped for remortgages and those that intend to do so are used to low interest rates being offered. Lenders have fluctuated up and down in their offerings, but none have even come near to what was considered a normal rate before the recession. The Bank of England’s standard base rate has remained at 0.5% since March 2009.

Yet, the current low interest rates being offered are soon to come to an end and disappear – hopefully forever. The government has learned from the last crisis and has put into place safeguards against such a situation happening again. It is of course hoped that no other scenario could negatively impact the economic condition of the UK again in such a way.

The economy is recovering slowly but surely and in comparison to other governments, the UK economy is doing extremely well. With recovery there will be higher interest rates and that is something borrowers are having a hard time actually believing as there still remains a lower than expected demand for remortgages.

The demand for remortgages has picked up, but with so much to lose if homeowners pass on the opportunity to grab a cheap interest rate remortgage, experts thought there would be much higher demand than what has occurred.

The same experts have tried to offer loud warnings that interest rates will be changing. It is not a matter of “if” but “when” and for those looking to secure a fixed repayment amount that is associated with a low interest rate – it’s time to start shopping for a new deal. Remortgages are cheap now, but that is not going to last much longer.