Homeowners all over the UK are about to see their current mortgage deal end next month. When that happens, they can either choose to let their lender move their mortgage to the lender’s standard variable rate (SVR) or they can choose to get a remortgage and put a new deal in place. Currently with low interest rates in place, many homeowners choose to just let things slide and let someone else take care of their major investment cost into their property. Without any decision whatsoever, they simply let it roll into a new situation and one they could regret at some point.

Letting a mortgage deal end and slide into a SVR is not a luxury. It is letting a major opportunity to take control of one’s financial situation concerning the largest expense they probably have each month pass by. Even if an SVR interest rate is lower than the past mortgage deal, it doesn’t mean it is a good deal. A SVR is a risky interest rate to be attached to and a homeowner could be pushed to scramble quickly to get a new deal when interest rates increase.

Considering a remortgage when your current mortgage deal ends is important. Sure, it will take time to go through a remortgage process. Yes, it will take effort to gather paperwork, submit an application, and seek out a new deal, but it will also take a lot of effort to find a remortgage quickly when a lender decides to increase their SVR with little to no warning, which they can be inclined to do.

Many homeowners have already had their mortgage deal end and have been moved to their lender’s SVR, without even looking at a remortgage opportunity. Others will have theirs end in the coming months and have their minds on summer holiday rather than saving money with a remortgage. Still others are in the midst of their current deal and paying more than they need to with lower interest rates available. Yet there are those that consider overpaying every month on a loan when they don’t have to worth the effort to seek out a remortgage.

Presented with an opportunity to save money with a lower interest rate or to gain a fixed term over a long period that perhaps might see them through interest rate increases is worth considering to some homeowners.

Why overpay when you don’t have to and why not put that savings toward something else? Considering a remortgage isn’t taking away the luxury of letting a mortgage deal end without care or worry, it is taking control of the future and creating it in a way that will offer peace of mind for the days ahead. The current remortgages on the market are indeed opportunities that every homeowner should consider while the market is competitive and lenders are keen to gain new customers. Don’t waste an opportunity while it is here and shop around soon to see what savings could be yours.