Homeowners will need to be on alert when it comes to remortgaging in the coming months.  The deals offered could change if lenders become more cautious than they already are at this point in the year.  Unfortunately it could also mean fewer remortgage products on the market for homeowners to choose from and less fixed rate remortgages available.

The cautious environment now in the lending market has come to pass due to the problems in the eurozone and the warnings of a second recession or double dip recession as it is also called in the UK economy.  The latest news of the lack of growth of the GDP in the last quarter of 2011 means that the UK economy has one foot in the door of a second recession.  This could make lenders more cautious than they had already become and homeowners will find the remortgage offerings less attractive than in months past.

Should the second recession occur it will be the first time a double dip into recession numbers has occurred in 37 years.  George Osborne puts much of the blame of this second round on the eurozone stating “These are disappointing figures but they are not entirely unexpected.  We have got the right plan, we have got to stick to it but we have got to accept that Britain's problems have been made worse by the situation in the eurozone."

Homeowners do not have to rush out to grab a deal as there are still good remortgages being offered and no one expects them to entirely disappear.  There is an expectation that remortgages will be harder to come by though if the double dip recession occurs.  Lenders are less apt to offer the most attractive remortgage deals when they view lending as a risky venture in a struggling economy.  If homeowners are looking to remortgage soon it may do them well in the process to get advice now and close a deal soon.