Early this month, the Bank of England voted to leave the standard base rate at its current level of 0.5%. This surprised few analysts of the UK housing market. What did open some eyes a little wider however was the central bank mentioning that rates could rise faster this year than previously thought. This sent many house owners into a faster planning mode. Those who have not remortgaged to this point are being urged to do so in order to dodge another hike in interest rates like the one which took place in November of last year.

Many attractive deals remain on the table currently, according to the latest released figures. Whilst many house owners wait until the official end of their current deal to secure another, it is possible through some institutions to take up a deal six months in advance of that date. That means that a deal which has been offered in principle will be honored six months before the current deal concludes.

This is good news for house owners thinking of remortgaging later this year. It also means house owners can begin collecting important documents and prepare to apply for a remortgage. Fixed deals are out there waiting to be picked up.

David Hollingworth of L&C Mortgages commented on the current state of the market, saying: “As the potential for another base rate rise looms there will be a growing number of borrowers considering the impact on their mortgage. For those on a standard variable rate without any tie-in, the chance to switch to a good fixed rate is one they should grab with both hands.”