There is plenty of advice being passed around currently and most of it is gladly welcomed for those looking to borrow. The interest rates are astoundingly low and it would be quite difficult not to notice even if you weren’t planning to borrow. In some cases, the current low interest rate offers from lenders are their lowest ever in their history of lending. The most encouraged advice in borrowing could be that from experts encouraging homeowners not to lose out on savings by choosing to sit idle rather than remortgage.

For those homeowners that have had their current mortgage deal end and have been moved to their lender’s standard variable rate or SVR, they could be paying on an interest rate double or more the level they could find with a remortgage. Since the interest rate is what determines the cost of borrowing, finding a lower one saves money. The average SVR from top lenders has been noted to be twice the level or more than the average lowest interest rate offered from the same lenders.

It has been noted that those on their lender’s SVR could be the biggest savers with a remortgage.

The savings are not limited to those that have already had their mortgage deal end. Those that are coming close to the end of their deal will be shopping among interest rate offers much lower than those they shopped two or more years ago. 

Even homeowners that would be able to end a deal early and pay a fee might find remortgaging earlier than planned a sound choice. Especially if they were able to find a much lower interest rate and lock in the savings will a long term fixed rate.

Of course, it should be noted that a homeowner needs to take into consideration any fees or costs with a deal as well as the savings with a lower interest rate to determine the overall savings of the deal. Comparing offers is a smart strategy to narrow down to the best remortgage for the homeowner’s unique needs.

The opportunity to save with a remortgage could be easily researched online. By shopping the websites of remortgage lenders or doing a one stop shop with a remortgage broker could reveal what remortgage opportunities are available and the savings that could be found. With interest rates at historic levels and lenders competitive for the attention of borrowers, the advice to shop for a remortgage might be worth heeding.