Homeowners need to be well prepared when they take on the task of shopping for a new remortgage and should have all their ducks in a row before proceeding.  There are certain things that should be done before shopping around for a new deal.  There are also many things that need to be considered as well.

A homeowner should start with getting very familiar with their current mortgage deal.  Some will be surprised to find their deal has ended and left them converted to their lender’s standard variable rate.  With many lenders giving notice of rising SVRs it puts more light on the need to get a remortgage. 

If a homeowner finds their current mortgage deal is ending soon then they may find it advantageous to wait or move to a remortgage with certain considerations:

·         If there are high penalties involved in ending a deal early then those should be taken into consideration alongside the savings of getting a lower interest rate

·         If the homeowner views that interest rate offerings are very good despite any penalties in ending a deal early then it would be good to shop around more seriously

·         Homeowners should take into consideration that lenders have been lowering loan to value levels, raising interest rates on remortgage offerings, and increasing their interest rates on their own variable rates and if waiting is worth the risk of losing out on the benefits to be found now.

Only by getting familiar with their current mortgage and taking all factors of their current deal and possible remortgages into consideration can a homeowner be assured they are ready to begin serious shopping for a new remortgage deal.