Interest rates could be cut again according to some experts. The current Bank of England rate of 0.75% has remained since August last year when there was a 0.25% interest rate increase. In 2018, the Bank of England’s Monetary Policy Committee (MPC) voted twice to increase the standard base interest rate which grew in increments of 0.25% from the historic low of 0.25% to 0.75%. So far this year, the MPC has held the rate steady, but that could be about to change all due to Brexit.

The official data as to the growth of the UK economy in the third quarter is yet to be released. However, few believe that it will be a surprise and instead will likely show a weak economy. Any increase will be weighed against the decline that was reported in the second quarter.

The expectation is for growth of 1% overall for the UK economy in 2019.

Inflation is still below the targeted 2% set by the Bank of England and was last reported at 1.7%.

All factors brought together could bring a majority yes vote from the MPC to cut the rate at their next meeting. There is of course the possibility that the outcome of Brexit will be allowed to have its impact and the committee will wait to determine what course of action is necessary based on the reality of Brexit versus the current uncertainty that exists.

The next MPC meeting will be 7 November, only days after the 31 October Brexit deadline.

For homeowners considering a remortgage, waiting to see if the MPC does cut rates could be costly rather than the smart strategy. Currently there are many attractive opportunities in remortgaging. Low interest rate remortgages, low interest fixed rate remortgages with longer terms, and more creative products for those with unique remortgage needs.

Waiting could or could not be smart. Certainly with the current remortgage products available, and some at historically low levels, and very competitive lenders fighting for the attention of borrowers, waiting might have one missing out on the best offers of the year.