With the next Bank of England Monetary Policy Committee (MPC) meeting to occur only weeks away at the start of August, there is a lot of speculation as to whether or not there will be a majority vote of members to increase the standard base interest rate. Should that occur there will be plenty of experts that will be able to puff out their chests and say “I told you so” while others will say they were caught by surprise but warned there was a chance. There is always a chance. That chance that the MPC might hike the rate is what homeowners play risk with every time the MPC meets, and yet they might want to stop sooner rather than later doing so.

Experts estimate that many homeowners could remortgage with a lower interest rate and save hundreds of pounds per repayment and thousands annually. That eventually amounts to pointing out that there are many homeowners paying more out of pocket every month than they have to.

With a remortgage, a homeowner could save money, but they could also with a fixed rate remortgage assure that they can take a deep breath and exhale the stress of worrying about rising rates. For the term of the fixed rate remortgage, a homeowner is assured they are free from rising rates and only have to pay the same rate until the term ends.

Rather than only looking at the possible savings, which could be substantial, homeowners should also consider that a remortgage could be the peace of mind they are looking for in uncertain economic times. A fixed rate remortgage could be the safety net every homeowner needs.