Perhaps there couldn’t be a better time for a homeowner to have their mortgage term coming to an end. Yes, even with Brexit looming in the horizon only weeks away with the deadline of 31 October homeowners are entering an opportunistic lending market. Remortgage lending is competitive, there is an ease in lending, lenders are offering creative products, interest rates from some lenders are at historic lows, and terms available are longer than seen in decades. Savings and benefits for years to come are to be discovered by the homeowner keen to take advantage.

When a homeowner’s current mortgage comes to an end, they have the opportunity to remortgage and take on a new term length deal. If they choose not to remortgage, the mortgage debt is moved to the lender’s standard variable rate (SVR). Not long ago, being moved to a SVR could have been almost seamless. Despite the risk of being on an interest rate that can fluctuate easily, most homeowners would not face quickly rising rates, and the starting interest rate would have been close to that found in a variable rate remortgage. That is not the case currently.

Experts have expressed that most SVRs are at an interest rate double or more than what a homeowner would have been used to paying. Also, by passing up on the low rates of remortgages available now, the homeowner could lose out on the savings once those deals disappear and the homeowner is in need in protecting their financial health. Considering a remortgage and shopping around to find out what savings and other benefits are available are encouraged by those in the know.

With so many opportunities available to find substantial savings and secure that interest rate for many years to come in a fixed rate remortgage, at least gathering information from quickly shopping online with remortgage lenders and remortgage brokers should be a priority. Doing so could put a homeowner in a very advantageous position against the uncertainty of Brexit and what is to come in the years ahead.