When it comes to business, loyalty is important, but it isn’t so when it comes to shopping for a remortgage.  As long as there are no problems or no complaints, consumers often stick to doing business where they usually do, especially if it has been for a long time period.  Lenders are lucky, right off from the start in that they do business with a mortgage holding homeowner for many years.  In turn, the idea of moving through a remortgage can seem daunting with all the paperwork and approvals that are to be done.  This trend toward loyalty could be costing homeowners money, and their loyalty could be ill placed.  Homeowners may be placing too much loyalty with their current lender.

The coming months should bring about a more competitive market for homeowners to shop for a remortgage.  The demand for remortgages is expected to slack off from the levels seen in the past months.  There had been anxious warnings of a interest rate increase by the Bank of England, but now the increase isn’t due according to experts until August.  With fewer homeowners in a rush to remortgage, lenders will be bringing out new remortgage products with a more attractive lure.  If a homeowner comes across a better remortgage deal, then loyalty should not be an issue.

Homeowners are going to have the advantage of better deals on the market currently and in the days ahead.  As long as the rate goes unchanged till August or later, there is time to secure a good remortgage rate, and if it is with a new lender, then so be it.  Loyalty placed with a lender that is not offering you better financial health and good remortgage terms should not get your business.  Sometimes loyalty is well placed, in getting a remortgage your loyalty should go to where your best remortgage deal can be found.