There is no denying that many households have been struggling with their household budgets. Brexit has left some undesirable outcomes for many trying to keep their financial situation under control. For homeowners, experts encourage them to seek a lower interest rate with a remortgage to save money and feed their starving household budget or it could get worse.

According to experts there are many homeowners that are currently on a mortgage interest rate that is higher than what is available currently from lenders. If those homeowners are close to having their mortgage deal end then they could very well save a substantial amount of money by securing a lower rate.

For those that allow their deal to end and don’t remortgage, the lender will move them to their standard variable rate or SVR as it is called. A few years past such a risky move of choosing to do nothing and allow the mortgage to move to a SVR could have gained the homeowner a decent interest rate, but that isn’t the case anymore.

Some lenders currently have SVRs that could be double the interest rate level that homeowners are used to paying. There is no reason to pay out more than necessary when there are attractive deals available and lenders looking to gain new customers in a slightly competitive market.

Rather than struggle for years to come and face the uncertainty of Brexit, perhaps a remortgage could offer a savings that will make the situation better for a stretched budget and offer peace of mind as the Brexit deadline nears.