Experts are warning that there could be a change in interest rates. The Bank of England is expected to counter the problem of inflation being off the target of 2 per cent by increasing the standard base interest rate. Yet, lenders could lead the way by pulling their lowest rate deals and replacing them with higher rates before the Bank ever takes action.

Homeowners might benefit greatly by stepping up their consideration to get a remortgage. It could save thousands of pounds annually and a fixed rate could lock in a low interest rate for years that could provide security against paying more than one has to in repayments.

Many homeowners have become relaxed with their lender’s standard variable rate (SVR) and the low interest rates they’ve been paying. Yet, SVR mortgages are risky and could put a quick tight hold on a family budget once interest rates begin to rise. The only escape is a remortgage.

There are homeowners that could find difficulty in getting a remortgage due to new guidelines for borrowers. It is therefore important to homeowners that they start the process early. In difficult remortgage situations a remortgage broker might be helpful. Remortgage brokers work with numerous lenders versus the just one lender. That offers an insight as to which lenders might be willing to work with a complicated remortgage, and they also have access to exclusive deals that lenders offer to brokers versus the general public.

Time is of the essence, and even if the Bank doesn’t raise the standard base rate by the end of the year as expected, a homeowner with a lower fixed rate might feel they’ve secured a safety net against the uncertain economic future of next year and perhaps beyond.