The strengthening economy and consumer confidence have helped contribute to the rising number of remortgages.  Home prices have increased and given homeowners better equity levels in which to go and seek out a low interest remortgage to save them money and lock in a cheap interest rate for the coming year or years.  This is perhaps the best time to seek out a new deal before the interest rates are increased which will, most economists believe, occur in early spring of 2015.  However, should the housing market fail to normalize on its own and house prices begin to level out the interest rate could be increased much sooner.

According to data from LMS, more homeowners took out remortgage deals on their home property than any April since 2008.  Most, according to LMS, were looking to take advantage of the higher equity levels and release cash from their remortgage.  The average remortgage reached all-time high of £160,806.  The volume of remortgages rose 21% in April and 28% year-on-year to a £4.4 billion value level.

Homeowners are encouraged to shop around for the best remortgage deal.  In the case of wanting to work with a professional that works with a variety of lenders and may have a deal not available directly to borrowers from lenders, seek out a remortgage broker.  Brokers are also able to assist homeowners with the new Mortgage Market Review requirements for borrowers.

It is important to consider the whole remortgage deal rather than just the interest rate.  Fees and other costs could make the cheapest interest rate remortgage less than the ideal choice over one that has a slightly higher rate but less fees.  Great deals can be found, it will take patience and a firm commitment to look for the best remortgage deal.