Homeowners are being encouraged to seek a remortgage. There could be substantial savings to be found, especially for those homeowners that had their mortgage deal end in October and have been moved to their lender’s standard variable rate (SVR). Those homeowners could discover that a SVR has an interest rate at double or more the rate they were used to paying.

In October 2017, there were a large number of home buyers that secured a mortgage as mortgage rates were at an historic low. Those that secured a two year mortgage would have had their mortgage term end last month. Without a remortgage, a homeowner is moved to a lender’s SVR when their mortgage term ends. With a remortgage, the homeowner can escape an SVR and perhaps secure a long term low interest rate and save money.

Experts suggest that homeowners looking to remortgage start with shopping online. It is fast, easy, and convenient. In a matter of minutes, a homeowner can have several quotes from lenders as to what remortgages and savings are available. Homeowners should not overlook remortgage brokers as they work with several lenders to find the best deal and they often have exclusive deals not available to the general public.

In addition, homeowners should not simply focus on the lowest interest rate remortgage. The lowest rate might have higher fees associated with it that dilutes the opportunity for savings. A slightly higher interest rate might have lower fees and offer the best remortgage deal.

Rather than pay more than necessary, homeowners could consider a remortgage and lock in savings for years ahead.