Tomorrow, on Thursday, 5 November, the Bank of England’s Monetary Policy Committee (MPC) will meet for the next to last month of the year to discuss the possibility of hiking the standard base interest rate. If they did, it would be the first time since March 2009 that the rate would change. However, there odds are very much against the November meeting closing with a rate hike.

The global economy is not nearly as strong as the UK, but it is playing an impact on the growth rate of the home economy. The slowdown has put some factors that would push the MPC to question if the time is right for rates to be a stern no. That doesn’t mean though that in the next year the rate won’t be increased, which is what economists believe is the timeline that will see borrowers paying more.

It is the threat of rising rates and lenders emerging from their current competitive environment that is pushing homeowners to seek out a remortgage. Hopeful homebuyers are also in a rush to mortgage.

While the MPC is expected to vote to keep the Bank’s interest rate steady, there is a possibility that some of the members, just not the majority, will indeed vote for an increase. In the past few months, Ian McCafferty has voted for an increase.

Now that the MPC releases their minutes on the same day as their meeting, which has become to be known as Super Thursday, the mood and tone of the MPC meeting will be known and will give economists and borrowers an insight to how soon the interest rate will change. Most believe it will be sooner rather than later, and those with mortgages should prepare for higher rates. If a remortgage is in order and a lower fixed rate could save money and keep a homeowner out of financial trouble, then experts suggest it is better to shop while rates are low than wait around for the first rate increase.