Economists are predicting that the Bank of England’s Monetary Policy Committee (MPC) will close out their October meeting and will have left the standard base interest rate as is without any decrease or increase.  That means the rate will stay at its historically low level of 0.5%.  It would be interesting to know how many homeowners are actually holding out for a decrease as rumors stated a few months ago rather than securing a remortgage now.  If they are waiting for rumors to take shape then chances are they are missing out on precisely what they are waiting for in the first place.

With the current remortgage deals available right now it really doesn’t require the MPC to do any more decreases to enable cheap borrowing.  The latest government assistance to lenders of offering funding for lending at low interest rates is helping lenders to keep interest rates low.  There are some remortgages on the market that are below 3%.  Other remortgages at slightly higher interest rates are available with low to no fees associated with them and accompanying freebies such as free legal work and/or valuations.  The current deals are actually very attractive and should have homeowners shopping around.

For those homeowners that have complicated remortgage issues it could be helpful to check on the help of a remortgage broker.  They are well experienced in dealing with varied complicated remortgages and they also have available to their customers remortgages that are not readily available to consumers that are not using a broker.  They also are knowledgeable as to which lenders will work with homeowners with debt issues and credit histories that are not squeaky clean. 

Homeowners should pay less attention to rumors of declining rates and take advantage of what is available now.  If they don’t shop around and consider a remortgage soon then they could miss out by listening to gossip that may never evolve into lower interest rates than what is available now.