The recent increase in the standard base rate is resulting in many on a lender SVR or Tracker mortgage loan to pay more for the monthly mortgage payment. This is leading many who have not yet remortgaged to take another look at the often overlooked mortgage product. Many loans are maturing resulting in property loans to be converted to a lender’s standard variable rate loan which will cost significantly more per month than a fixed mortgage loan. Borrowers currently holding a variable rate loan are being urged to check out remortgage as soon as possible.

Borrowers with a variable rate loan have quite the incentive to look towards a fixed rate remortgage loan. Recent data from Moneyfacts UK Mortgage Trends Report indicates a large contrast between a variable rate loan product currently and a fixed rate loan product. In fact, the difference is considerable. Not since the year 2008 has the difference in a fixed rate mortgage loan interest rate and a variable rate mortgage interest rate been this significant.

Borrowers are being urged to consider taking another look at remortgage and the difference it can make in the amount of a monthly mortgage payment. The factor with the most impact on the amount of a mortgage loan is the interest rate. Although the Bank of England voted in last month’s meeting of the Monetary Policy Committee to raise the standard base rate, fixed rate loans with low interest rates attached are available in number.

Home owners currently have a choice. They are being urged by housing specialists to consider remortgage as it has the ability to change a household financial future now. Uncertainty is the looming cloud which is now hanging over the housing market. A fixed rate remortgage has the ability to reduce a mortgage payment immediately.