The time is still now for a remortgage.  The base rate remains at the record low level of 0.5%.  When considering how much of a change in monthly mortgage will take place with just a 0.25% hike in the base rate and subsequent interest rates, it is a mistake to sit on your hands and not remortgage if you are able to.  The beauty in a remortgage is the flexibility the freed up pounds are able to offer.  These lender rates should not be ignored, just like the benefits of a remortgage.

In an uncertain time of economic turbulence, households should make every effort to secure the viability of their financial future however they can.  A remortgage helps people do just that.  The most effective way a remortgage can assist a household is by lowering the monthly cost of the mortgage.  That is like having an immediate, automatic savings account created.  Even if a household saves just 50 pounds per month off the mortgage, that totals 600 pounds per year.

With rising petrol costs, increasing grocery prices, and a surge in electricity expense through the rest of the year, savings will help make a difference in other areas of a household budget.

The base rate decision earlier this month only gives borrowers more time to take advantage of the low interest rate it provides.  The sooner a remortgage is obtained, the quicker those instant savings can be realized.

It is estimated that a hike in base rate will not take place until early 2012.  The Monetary Policy Committee, who sets the rate, understands how detrimental it is to keep the rate where it currently sits.  The same urgency could be said of those homeowners who need a lower monthly payment, especially to provide some defense against the increase in monthly mortgage which will come eventually.