Even the smallest amount of change in interest rate can result in a big difference when it comes to the amount of the monthly mortgage payment.  That is just one reason why it makes good financial sense to always be paying a monthly mortgage at the lowest interest rate possible.  With the base rate remaining at the historically low level of 0.5%, it is suggested by many who are holding a mortgage with a higher interest rate to change to a lower rate product no matter what it takes.  There are still attractive remortgage and original mortgage deals available.  All one has to do is a little research to find them.

Last week marked the week in which the base rate is voted on each month by the Bank of England’s Monetary Policy Committee.  As was expected, the base rate will stay at the same low rate which is now going on three years.  It is still believed that any increase in rate would result in the economy crumbling due to the wave of financial insufficiency most families would experience. 

The smallest change in base rate would result in lenders having to change the rate of their loan products.  Those without a fixed rate mortgage product would see their rate increase.  The smallest amount of increase in the interest rate of their mortgage loan would result in hundreds, sometimes thousands more in the way of a mortgage payment.  A necessity when looking at mortgage payment scenarios is to check the amount of payment with different interest rates attached to it.  Any remortgage specialist can assist in these calculations, or checking it by a calculator which is available on most Web sites.