Recent information released from UK Finance has revealed that homeowners are still showing strong demand for remortgaging. There has also been demand for mortgage lending from first time buyers. The data released from the month of May revealed 30,720 new first time buyers completed mortgages which was 0.5% more than the same month last year. Remortgaging was 19.7% more than May 2018.

Homeowners are expected to remain focused on remortgaging in the months ahead, especially in the autumn. It is in October that a major number of homeowners are expected to have their mortgage deals end. Without a remortgage deal those homeowners will be moved to their lender’s standard variable rate (SVR) and that could be risky and have them paying more than necessary.

According to experts, the SVRs could be double or more the interest rate level that homeowners are used to paying. Therefore, a remortgage is the opportunity to save money and perhaps a substantial amount of money.

Experts encourage homeowners to start shopping for a remortgage sooner rather than later. Shopping online is a quick way to discover what savings are available. Most lenders and remortgage brokers offer quotes online. By answering a few questions, homeowners are offered possible deals and the savings that could be found.

Shopping for savings through remortgaging is encouraged as well as seeking a deal that offers an overall savings and not just the lowest interest rate. The lowest rate might have fees attached that would make it not the best deal, while a slightly higher rate with less fee costs would offer the best overall savings.

Again, taking action to shop around sooner rather than later will inform the homeowner of what savings are available and offer peace of mind should interest rates increase in the months and years ahead.