Homeowners are showing up in the remortgage lending market and finding great deals. At least that is the case if they are indeed choosing to remortgage. Yet, there are thousands that are likely not taking action. That is confusing to the experts that day in and day out try to advise homeowners to not overlook the opportunity to remortgage that is there. After all, why would anyone want to pay more money on their mortgage if they don’t have to do it? Isn’t it like just throwing money away? Who would choose that over saving money?

Apparently there are those that are willing to pay more than needed. They are ready to walk away and push the opportunity to save behind them.

There are many remortgage deals that are available to homeowners that could possibly save them a substantial amount of money compared to the alternative of going onto their lender’s standard variable rate (SVR).

According to experts the interest rate level of current SVRs could be double or more the interest rate level that someone secured when they mortgaged two or more years ago.

When a homeowner chooses to allow their mortgage deal to end rather than get a new deal with a remortgage, they are moved to their lender’s SVR. It is considered a risky interest rate, especially when compared to the ability to secure a fixed rate through a remortgage. An SVR can and will fluctuate with the needs of the lender.

Should that SVR rise to the point when there is pressure on a household budget, then there is a rush to remortgage for the homeowner. At that point the most attractive deals could have disappeared along with the ability to sit on the SVR.

With SVR levels now possibly higher than what one was paying in their previous mortgage deal, it is important to consider a remortgage and investigate what savings are available. Taking action to do research on what remortgage savings are possible costs nothing, but not taking action could cost a lot.