Homeowners have driven up demand for remortgaging due to the current offers from lenders of low interest rate deals. The Bank of England’s Monetary Policy Committee (MPC) only weeks ago cut the standard base rate to the lowest level in over 300 years. The historic 0.1% rate has made borrowing cheaper and lenders have been rolling out new remortgage products reflecting the savings.

Because there is the potential to save a substantial amount of money, homeowners are looking to take advantage of the opportunity. Experts encourage all homeowners to shop online and discover what savings could be available to them. Most remortgage brokers and lenders have the ability to obtain a quick quote online after answering a few questions. With the information in hand, the homeowner can make comparisons of deals and narrow in on the best remortgage for their needs.

However, homeowners should beware in only considering the lowest interest rates. In some situations, the lowest interest rate remortgage deal might not be the one that offers the most savings. Many of the lowest rates also have costs associated with them. Any fees or other costs should be balanced against the savings of the interest rate to reveal the real savings of the deal.

The slightly higher interest rate might have lower fees associated with it and could offer the best overall savings against what the homeowner is currently paying. 

There are situations where choosing one remortgage over another might not be just the savings involved, but whether the deal involves the ability to convert equity into cash, or perhaps allows for a longer term. In that case, less of a savings overall might offer a benefit that has its own greater value for the homeowner.

There are very attractive low interest rate remortgages available from brokers and lenders currently and any homeowner should consider shopping around for what benefits, including savings, could be offered by a choosing to get a deal now.