Homeowners are expected to show strong demand from lenders for remortgages in the next few months. The reason behind the expected strength in demand from homeowners is the recent increase to the standard base rate by the Bank of England’s Monetary Policy Committee (MPC). The homeowners that are about to have their mortgage deal end and those that have already had their deal end are encouraged to take notice.

Homeowners are encouraged to shop around and determine how much a remortgage could save as well as if a fixed rate remortgage could be helpful to protect against future interest hikes.

Some lenders immediately passed along the increase to borrowers after the MPC voted, while others held back from passing along the interest rate hike. However, some are now starting to increase the remortgage deals available to borrowers that had at first decided to absorb the hike.

It will be smart for homeowners to be savvy shoppers and take their time to look for the best deal for their needs. That will mean that loyalty to the current mortgager should be pushed aside, because there might be a better deal offered than the one from your current mortgage lender.

Also, it is suggested that homeowners should look at the whole remortgage considered rather than just the interest rate. There might be a remortgage that offers a greater savings than the one with the lowest interest rate. Incentives and lower fees associated with a remortgage could offer a greater savings even with a higher interest rate than another one.

There are still attractive remortgages available with savings and other benefits that will make it worth the time to seek a new deal. Now could be the best time to shop for the homeowner looking to take advantage of the opportunities being offered while they are available.