Homeowners may have the desire to remortgage, but have found it difficult to do so according to a new study. The study revealed that one in seven had failed to secure a new deal – with either their current mortgage lender or with a new lender. The reason for many of their denials was due to credit issues or the new rules required for borrowers which has made lending tighter and less relaxed than it had been in the past.

New rules that many homeowners that have not remortgaged in years will face may surprise them due to the more transparent personal information that must be shared. Detailed information of the borrowers spending and saving habits must be reviewed to determine if the borrower can afford the loan. The borrower’s information is also put through a stress test to determine if they can afford the new loan even if the interest rates increase.

Those that have had difficulty in securing their own remortgage could consider a broker. Brokers are helpful in the fact that they know which lenders are willing to work with borrowers that have unique needs. This could be a homeowner that has lost a spouse, divorced, changed jobs, is older, or has started a new company, any number of unique situations. Because brokers work with a large variety of lenders they have experience and knowledge that could be helpful in securing a new deal.

Not only do brokers have experience with a large variety of lenders, they also have access to remortgage deals that are not offered by lenders to individual borrowers outside the help of brokers. There could be a deal that is better suited for a homeowner that they have not yet found, but readily available if they contact a remortgage broker.

With the offers now being offered, some with long term fixed low interest rates, it could be worth taking a look at the opportunities homeowners have access to when working with a remortgage broker.