Homeowners Could Be Overpaying Their Mortgage by Ignoring Remortgage Opportunities
Many homeowners are missing out on an opportunity to save money and secure a low interest rate for likely the largest debt they have, which in turn likely covers the longest payback term of any other debt. Despite the possibility of grabbing a long term fixed low interest rate in a remortgage, according to a recent published poll, few homeowners are planning to remortgage within the coming 12 months. Experts encourage homeowners to consider their current mortgage situation and seek out advice before making a firm decision to let a remortgage opportunity pass them by.
In looking at average data of homeowners in the UK, year after year experts encourage those that are close to having their mortgage deal expire and especially those that have already had their mortgage deal end to seriously look at remortgages available in the market.
Otherwise, the homeowner could be missing out on considerable savings. It could make the difference in struggling to pay the monthly mortgage repayment or being able to more comfortably afford the repayments even when inflation puts a squeeze on one’s income.
It takes only a matter of seconds to get online and get a quick quote from a remortgage lender and see what level of savings could be available. With some lenders offering interest rates below 1%, there are millions that could save by switching to such a lower rate level. This could be true even for those not close to ending their current deal, as even with forced fees for ending a deal early there are many that could benefit with a remortgage.
Exploring options available is a smart choice for any homeowner and no one wants to be overpaying with a mortgage when they don’t have to do so. Seeking out a remortgage quote or asking questions of a remortgage broker, lender or other expert will offer information that can be put to use and perhaps lead to securing a long term interest rate that will be beneficial not only in the immediate future, but for years to come in a unique and unknown economic environment we are all about to face in the UK.