Interest rates are at historic lows and lenders are making the most of it by offering deals and packages to suit most home owner needs. Although many house owners have taken advantage of the timing of a remortgage, many still are settled in with an SVR with little awareness of benefits or plans to change. Many experts are speaking out about the benefits and possible saving which are possible through remortgage.

House owners are taking advantage of the benefits provided by a remortgage in big numbers. Many however are unaware of the advantages or have not reviewed their mortgage lending situation to know what is possible. Agents and brokers are speaking out about the possible advantages and advising anyone who owns a home to consider a remortgage.

According to housing experts, by not switching over to a fixed mortgage lending product, home owners are missing out on possible savings each month. Low interest rates make it possible for home owners to potentially drop their current SVR arrangement and move over to a fixed product.

Not only are home owners able to save possibly hundreds each month off the cost of the monthly mortgage payment, they are also able to access valuable home equity through the process. This makes it possible to pay off old debt, start a home renovation, or take a holiday.

There is a particular thought process which is attached to switching lending products. Many simply feel the process would be a burden or take too long.

As one prominent broker commented: “Unlike some financial products – especially credit cards – there is more inertia with borrowers when it comes to their mortgage.”

He adds: “A lot of people don’t actually know what rate of interest they are paying. They may feel they are already on a good rate, although they could be on an even better deal without knowing it.”