This year alone, more than half a million mortgages are set to mature. This leaves home owners in an enviable position and could lead to many saving hundreds, and possibly thousands, off the cost of the monthly mortgage payment amount. If home owners choose to stay with their current deal, they could actually see a rise in cost of the payment due to a higher interest rate. Their deal will automatically be transitioned to their lender’s variable rate mortgage.

By checking out the options of a new lender or new lender deal, homeowners are taking their future into their own hands and making an attempt to change their current deal. This is no small matter as it could result in the borrower saving money off the mortgage payment immediately. It is not considered an anomaly for home owners to save hundreds off the cost of the monthly mortgage.

The standard average amount of savings for those seeking out a remortgage and transitioning to a new deal is about £50 per month. This amounts to a total of £600 in savings per year.

Remortgage is now a popular method to seeking cost savings on a monthly basis. Home owners made remortgage an extremely popular mode of mortgage savings last year and the year prior to that.

Low interest rates are expected to remain a constant through the New Year. Many close to the housing market are estimating by the month of May another hike to the interest rate will occur. Even though this is possible for continued control of a high inflation rate, home owners will have an opportunity to obtain a remortgage and secure a lower, fixed interest rate in 2018.