Demand for remortgaging has been strong in the past months. Homeowners are keen to take advantage of the opportunities available. Yet there are many that while wanting to remortgage are not capable of doing so. They can’t qualify and therefore they can’t secure a new deal.

When homeowners have their mortgage deal end, they can either remortgage and secure a new term and hopefully get a lower interest rate to save money, or allow their lender to move them to the lender’s standard variable rate (SVR). That is considered a risky type of interest rate as it fluctuates to the consideration of the lender.

According to experts those that remortgaged two or more years ago and that have recently had their mortgage term end or are close to having it end could face a SVR with double or more the interest rate level they are used to paying.

Rather than face that reality a remortgage is the answer to escaping higher interest rates.

But for some homeowners it is when they seek a remortgage that they find out they don’t meet the qualifications. It is then they join the ranks of what many call mortgage prisoners.

There is hope on the way for homeowners stuck and without the ability to remortgage. There are several plans in the works for easing of the qualifications for homeowners and therefore it will open up more opportunities to those that are prisoners to their mortgage.

It will be of benefit to those that are stuck to keep an eye out for the changes in the works to and to be ready to take action when the opportunity to remortgage arises.