Homeowners looking to remortgage are often tempted to take the remortgage offer from their lender. It could seem like an easy path and a good offer, especially if it is line with the interest rate the homeowner is used to paying. Even if it is slightly higher, it could seem a better choice than going onto the lender’s standard variable rate (SVR). 

For some, the SVR is more attractive and because the remortgage might not be as good an offer as the lender’s current SVR, the homeowner takes it. The loyalty to the current lender could be misplaced as the homeowner might be paying more than they have to on their monthly repayments and the overall cost of their mortgage.

By pushing away loyalty, a homeowner can open up the possibility to obtaining a remortgage from any lender. Brokers not only work with many lenders and have information on many remortgage opportunities, but they often have access to exclusive lender deals not offered to the general public. The amount of savings with a lower interest rate could be substantial, and the fees could be much lower with a different lender making the overall savings greater.

Experts encourage homeowners to push aside their loyalty and shop thoroughly all possible offers. By shopping online with remortgage brokers and remortgage lenders the task can be simplified and quick. Many brokers and lenders offer quick quotes to homeowners after they answer a few questions. The possible remortgage offers given in response could offer up plenty of information for the homeowner to use to make the best decision in their remortgage search.