The impact of the deadline of Brexit, 31 October, drawing nearer is becoming more obvious. Data is revealing that caution is growing despite the strong resilience shown by consumers. Even the hopeful home buyers that have shown strong resilience against the doom and gloom forecasts for the housing market have stayed focused and taken advantage of opportunities to climb onto the property ladder. Those opportunities are extended to homeowners and yet many are sitting idle and experts advise that they could miss out if they wait much longer to take action for a remortgage.

There are many homeowners that have had their current mortgage terms end and rather than remortgage for a secure interest rate, they chose to not pursue a remortgage and had their loan moved to their lender’s standard variable rate (SVR).

According to experts, for those homeowners that have had their mortgage deal end or are close to their deadline, if they mortgaged or remortgaged two or more years ago, a SVR could be shocking. Many lenders’ SVRs are at double or more the interest level homeowners could have been used to paying. No one should pay more than they have to pay and if a remortgage can offer substantial savings, then why miss out?

Waiting too long to seek out a remortgage could prove to be a financial loss as currently there are remortgage products that reveal a highly competitive lending market with historic low interest rates, long fixed rate terms not seen in decades, and creative remortgage products that offer almost any homeowner a multitude of choices to pick from.

With so many benefits and advantages in remortgages available, homeowners are encouraged to shop around and discover what savings can be found. Then take action sooner rather than later or they might just miss out.