House price growth has made all the noise lately in regard to the UK housing market. This, however, is just one major factor which leads to decisions to purchase that next property, sell the property, or remortgage the house. What many take into account is the current level of interest rates which are being offered and what the short term forecast appears to be. Judging by the latest vote of the Monetary Policy Committee, the possibility of a rise in interest rates could happen sooner compared to later.

The latest vote by the MPC to raise the interest rate or leave it at the current rate of 0.25% was 5-3. Leading up to this vote, inflation is rising, wage increase has stalled and an overall climate of uncertainty reigned. The vote of 5-3 speaks volumes as the interest rate was voted to leave at the current level.

The vote was the closest vote for a rise in interest rates since the year 2007. This leaves everyone questioning if the next vote will be even closer.

The Bank of England target for inflation is 2.0%. The current level is 2.9% and is at its highest peak in four years. Many feel this is enough to push some to vote for an increase to the current rate in order to slow it down.

Capital Economics commented on the latest vote by the MPC, saying: "The more hawkish tone of the MPC appears to reflect some concern about inflation - which has accelerated faster than it expected over recent months and is now forecast to exceed 3% this year - as well as the strength of employment that is continuing to erode slack in the labour market.”

Discussion of rise to the interest rate brings with a concern about the timing of a remortgage. Many housing experts claim now is the best time to consider a remortgage. Interest rates are low, administration fees offered are low, and uncertainty is still quite a big part of the conversation.