Mortgage lenders were busier in August as home buyers were eager to secure a low interest mortgage before the Bank’s interest rate increases. Experts are expecting an increase by the Bank of England of the standard base interest rate. That could happen as soon as November when the Monetary Policy Committee (MPC) meets again, which also is when the next inflation report is due.

Over the month of October there is an expectancy of higher demand from buyers, especially first time buyers that are eager to finally climb on the UK property ladder. Many will see only obstacles coming up against them in the near future. Inflation is impacting affordability tests, interest rates are expected to increase, lenders are expected to pull out their lowest interest rate mortgage deals, and there is an expected continued shortage of properties coming into the market.

Homeowners, too, are expected to show stronger demand for borrowing as they seek out remortgages. A remortgage deal could save a family or individual thousands of pounds per year with a lower interest rate. A fixed remortgage could offer security against rising interest rates over the coming years.

October data will not be available until after the next MPC meeting occurs, but that doesn’t mean borrowers have to sit back and wait to hear the latest reports. Waiting might cause one to miss out on opportunities that could disappear, especially the opportunity to take advantage of the current low interest rates and attractive remortgage and mortgage deals available.

The last quarter of the year may indeed bring many changes to the lending and housing markets, and it is up to the borrower, whether that is a home buyer or homeowner, to take action and seek out the best advice, opportunities, and advantages for their individual needs before the year closes.