Experts have plenty advice for the homeowners that are in need of a remortgage due to facing rising rates on their lender’s standard variable rate (SVR).  The main piece of advice is to remortgage and do so soon.  The second piece of advice is to beware of only considering the interest rate on a new remortgage deal.  Some of the lowest interest rate remortgage deals have fees that would make any savings on the lower rate disappear.  To get the very best remortgage deal it may take some shopping around and some careful observation of the entire deal rather than just the interest rate.

A spokesperson for the Council of Mortgage Lenders suggested, “Most people understand that the low-rate environment that we are currently in is unusual, and everyone should be planning ahead to ensure that they adjust their spending to meet their commitments if and when rates rise.

"Remortgaging to a fixed rate may be appropriate for customers whose financial situation enables them to remortgage but who do not want the uncertainty of future rate rises."

There have been many lenders that have given notice of an increase to their SVR.  Other lenders are likely to follow this trend and announce increases as well.  Another piece of advice from experts is that homeowners should be prepared to expect more increases.  The cost of lending has increased and lenders are keen to share that cost with their customers.  This will mean more increases in the future not only in the lender’s SVR but in the interest rate offerings seen in remortgage deals.