If a homeowner played the wait and see game earlier in the year then they came out without an injury to their finances.  It was a risky game to play, especially for homeowners that had moved onto their lender’s variable rate after their mortgage deal had ended.  When there were low remortgage deals available and warnings that the Bank of England’s Monetary Policy Committee (MPC) would increase the interest rate a few homeowners chose to move quickly to secure a low interest rate remortgage while others held out. 

The economy remained weak and the MPC did not increase the rate and are not expected to do so throughout the rest of the year.  For those homeowners that chose to get a remortgage they likely obtained a very good deal.  Interest rates were low earlier in the year and deals were very good.  For those that waited they were lucky they did not face rising interest rates that could have put them in a position of paying higher interest levels. 

Experts agree that there are still millions of homeowners that are paying their lender’s variable rate with their mortgage.  Having had their mortgage deal end they believe that their current situation with a low interest is safe.  After all there are no longer any warnings that the MPC will raise the interest rate.  It sounds like a good game plan but when there are such good deals that could secure a low interest rate for years ahead, it doesn’t pay to play with one’s financial future.  The interest rate will one day increase and what remortgages will be available then is unknown.  Remortgages are at such great levels currently and affording security for the future in an insecure economy that waiting is no longer the side to take in the interest rate game.