Many UK house owners are still unaware of the massive potential savings which are available by going through the process of a remortgage. They usually have been in the home so long that it does not seem possible, or they are young and do not know the financial products available to them to help save money for the long run. Either way, UK residents are missing out on vast amounts of savings by not taking part in the pilgrimage which is currently taking place known as a remortgage.

It is estimated by a leading UK lender that Brits are missing out on savings of more than £28bn by not choosing to obtain a remortgage. Mortgage lending rates are currently sitting at record low levels and a simple application is the only thing which stands between house owners and saving possibly thousands of pounds each month.

A remortgage not only enables a house owner to secure a lower fixed interest rate for protecting into the future, it also frees up cash which is stored in the home’s equity. This freed up cash can be used for house renovation, taking that often talked about holiday, or paying off old debt which is only collecting dust and growing larger with more interest.

Tracie Pearce of HSBC commented on the immediate impact a remortgage can have on a house owner, saying: “Almost two million borrowers have a SVR mortgage rate at over three per cent and could therefore benefit from moving off their SVR mortgage to a competitive fixed term deal.”

Pearce added: “A quick call to their lender to find out if they are on a SVR mortgage could not only be the catalyst for families to save a small fortune by switching to a more competitive mortgage, it would also provide certainty for family budgets.”