Homeowners are starting to take notice of the low interest rates currently available from lenders.  According to a recent study by the Bank of Scotland, 20% of homeowners in Scotland that responded to the study are considering getting a new remortgage deal by the end of the year if they could save at least a monthly average of £135.  At least 30% of the responders admitted they would consider a new deal if they could save any amount of money on their monthly repayment amount.

The research also showed that many homeowners are choosing to remain committed to their current mortgage deal rather than considering a remortgage.  Reasoning for doing so included believing that remortgaging costs would negate any savings from a new deal or that they already have an interest rate that is low enough for their household budget.

In response to the survey by the Bank of Scotland, head of mortgages director, Laurence Mann, said, “Standard variable rate mortgages have been at historically low levels for quite some time, so it is no surprise that many homeowners haven't considered moving from them.  But with fixed rate mortgages falling, and some good deals expected on the market this year, now is the time for borrowers in Scotland to consider the benefits of remortgaging.”

Remortgaging rates are low across the UK.  Lenders have been able to keep borrowing cheap for homeowners due to the Funding for Lending scheme put into place near the end of last year.  As long as lenders have access to cheap funding for their loans then the interest rates should remain low.  Experts suggest homeowners not take for granted that they are on the best mortgage deal possible and consider a remortgage.  By looking closer at the remortgage possibilities a homeowner may be surprised to find out there are great savings available from lenders and perhaps they should take a serious consideration of switching.