It is the time to remortgage, so say experts. Homeowners are facing higher interest rates and by the end of the year the Bank of England’s standard base rate could be the highest it has been in years. In December, the Bank’s rate was at an historic low of almost zero at 0.1%. Due to rising inflation, the Bank of England’s Monetary Policy Committee (MPC) increased the rate during their December meeting to 0.25%. The next meeting, which was in early February resulted in yet another increase to 0.50%. Expectations are of another hike in the rate at the meeting scheduled for 17 March.

Homeowners are encouraged to shop for a remortgage or face financial strains if they have a budget that could be seriously impacted by higher repayments.

Shopping online is quick and easy. Going lender to lender online is much simpler than shopping by personal contact. After a few questions answered online the homeowner will have a quote in hand. By shopping online with a remortgage broker, a homeowner could get many quotes at once. Brokers work with many lenders and at times could have exclusive deals. Having many quotes at once to review allows the homeowner to narrow down choices to discover the best remortgage.

It is less than a month from the next meeting, so time is of the essence in securing a remortgage before interest rates increase. Also, it should be noted that the demand for remortgaging could be slowing down the process to completion. Taking action sooner rather than later could be a smart strategy losing out on the low rates currently available.

All homeowners could benefit from shopping online for a remortgage. It could lead to discovery of what savings are possible. In shopping for a fixed rate remortgage, a homeowner could be looking to save with a lower interest rate as well as locking in the low interest rate and building a safety net against expected rate increases.

Remortgaging could also involve cashing out built up equity. It could allow a lower interest rate, a fixed rate to continue saving, and cash in hand for any need. 

Rates are expected to rise and a remortgage could help a homeowner save money. Shopping and taking action is encouraged to keep from paying more than necessary and in some cases securing savings against rising rates. Shopping soon is highly suggested to make the most of the opportunities available now.