Homeowners Encouraged to Grab a Remortgage or Pay More than Necessary
Homeowners have an opportunity through a remortgage to save money. That amount of savings could be substantial. Studies have shown that a homeowner will likely discover a lower interest on the market than the one they were previously paying. For those that don’t decide to remortgage and move onto their lender’s standard variable rate (SVR) a savings is still possible. However, a remortgage could save twice as much or even more than a SVR. Passing up the opportunity to shop for a remortgage could be shoving money out the door that could have stayed in the family budget.
Over the course of the term chosen, thousands of pounds of savings could be possible per year.
A few months ago, lenders were avoiding risk and becoming tighter in lending. Now, as the pandemic seems to be coming under control, the risk seems lighter. Lenders are becoming more competitive again. Better and better remortgage opportunities are coming onto the market.
All homeowners should consider shopping for a remortgage. It is quick and easy to do online and in a matter of minutes quotes for possible deals could be in hand for review. Once the amount of savings is realized, it can motivate to take action and grab the savings possible.
Considering there could be thousands saved per year during the term of the remortgage, a small investment into the time to shop would offer savings that could be very important as families and individuals struggle through the pandemic and after.