Homeowners should have taken notice at the slightly unexpected move by the Bank of England’s rate setting committee. The Monetary Policy Committee (MPC) at the start of the month voted to increase the standard base interest rate by 0.25%. Now the rate is at 0.75% which is three times the level it was at this time last year. Remortgaging has started to look even better to those homeowners that have been sitting on the fence.

It should have garnered attention, because even a slight increase could amount to a substantial amount of money coming out of the family budget.

There are many benefits to a remortgage. A homeowner that has had their mortgage deal end and been moved over to the lender’s standard variable rate (SVR) could secure a fixed rate and save themselves from future increases. Not only could a remortgage offer a fixed rate, a longer term, and/or a lower interest rate to make it a tremendous opportunity, but homeowners could release equity as cash and fund any project, refurbishing, or other into the house, a dream vacation, consolidation of debt, or other need.

Despite the increase by the MPC, there are some lenders that have yet to push the increase onto borrowers. Others may have increased their rates, but are offering other incentives to make their deals attractive.

Homeowners that are willing to shop around and find a beneficial deal are likely to find the best ones. Using a remortgage broker could offer the chance to shop through remortgage deals from many lenders that are not available to the general public.

By taking time to shop around in search for the best deals for their needs, the savvy shopping homeowner could find the best deal currently available. It could be worth it to shop sooner than later to take advantage of the deals being offered.