While the majority of homeowners seeking a remortgage are likely those that have had their mortgage deal end, it is not necessary for those that have longer on their mortgage term to stay locked into their current mortgage interest rate. There is the possibility of ending a deal early and getting a remortgage. There may be fees to pay when that decision is made, but for some the benefits of a new deal and the savings opportunity can be worth the fee.

There are also those homeowners that need to consider a new deal because they have already had their mortgage deal end and they moved over to their lender’s standard variable rate (SVR). In that situation, the homeowner is living in a risky situation if they aren’t prepared to have their interest rate vary with ups and downs in the rate at the will of the lender. In many situations the lender will raise the rate and leave the homeowner scrambling for a remortgage quickly to escape the rate change.

While there are attractive interest rates associated with remortgages currently, the savings afforded by a new deal isn’t the only thing to consider. In the unusual economic condition of the UK economy following the Brexit vote, a homeowner may find the opportunity of getting a long term fixed remortgage with a cheap interest rate worth considering, even if it means ending their current mortgage deal early.

Experts suggest that homeowners consider the benefits of an entire remortgage, which means they should weigh savings against fees, and the benefits of the remortgage’s term, rate, and incentives against their current deal. Every homeowner’s needs are unique and there are deals out there that match those needs. It is just a matter of making the decision to take advantage of the current interest rates, the lender’s deals, and the opportunity to gain new and better benefits with a remortgage.