Loyalty is a virtue which we would like to see more of in the world, but alas, it has no place in our financial world as it once did for personal mortgage lenders. Long ago one might have had a lengthy relationship with the lender that said yes to their first mortgage. In helping a homeowner find their way onto the property ladder, the lender would likely have a lifelong customer and perhaps even generations of customers. However, holding onto that mindset could be costing homeowners money in today’s world and having them paying more than necessary.

In letting go of loyalty to one’s current lender, a homeowner is open minded in exploring remortgages for the best remortgage deal available and not just accepting offers from their current lender. 

There are lenders offering remortgages to homeowners, and mortgages to home buyers at below the current standard base interest rate set by the Bank of England’s Monetary Policy Committee (MPC) which is currently at 5.0%, and there are lenders offering remortgage products unique to the current needs of the homeowner at likely a lower rate than their current lender.

Shopping around for a remortgage is a simple and quick task that requires no commitment. By pushing aside one’s loyalty to a lender and gathering quotes, information could be in hand to then approach their current lender and compare offers. In doing so, one could also determine just how loyal the lender is to their customer.

Most will find that the particular needs they have in a remortgage and the most affordable rate will be outside their current lender. It might seem like a lot of work to shop for a remortgage and go through the process as it can bring back the expectations and stress of the home purchase, but remortgaging can be a quite different experience.

First of all, shopping for a remortgage is very simple. For a quick and one stop shopping experience one can visit the website of a remortgage broker. Brokers work with a variety of lenders to bring as many offers to choose from as possible to the homeowner. Because of the obvious competitive environment for lenders, one may find exclusive deals with brokers not offered directly from lenders to borrowers. 

It should be noted that brokers could be an excellent choice for those with complicated remortgage needs, for rather than going through rejections one by one of lenders unable to accommodate the borrower, the broker will be aware of which lender or lenders would be the best match for the borrower. It simplifies and quickens the process of find the best remortgage deal.

A homeowner turned down for a remortgage in the past should also consider a remortgage broker. It could be much simpler to allow the broker to work with lenders on your behalf to find a deal that meets your current needs and advise you as to how to continue on this successful path to more attractive remortgage deals in the future.

There is also the choice of the homeowner going from lender to lender websites to gather quotes.

Whether remortgage shopping with a broker or directly with a few lenders, once quotes are available, it is time to start reviewing and comparing them to each other and to one’s current deal and future path with the current lender. 

Some homeowners will choose to stay with their current lender and that is a much better option when one does so knowing they put in the effort to find the best remortgage deal for their needs rather than just accepting the transition offered. Many others will gleefully change lenders to a better suited remortgage offer that perhaps brings savings, and peace of mind, and will find loyalty is misplaced when it costs a family budget valuable resources.

All mortgage terms have a time limit to them, and they will expire. Remortgaging is a much better choice than being moved to the lender’s standard variable rate (SVR) and being prisoner to a risky, and often much more expensive interest rate. If having a choice is important rather than being told what one will pay with a new rate, then remortgaging is the answer to the stress of a SVR. One can shop, compare, and make their own choice in remortgaging.

No matter where one is in their current deal it is important to look at what changes could be made now, in the near future, or perhaps a few years ahead with a remortgage deal. Even if one is not certain they want to change lenders, gathering remortgage quotes offers valuable information for homeowners to plan out smart financial strategies that put the homeowner as the priority in their own financial future.