Homeowners are expected to seek out a remortgage throughout the rest of the year. The boost will rise to its strongest level around October according to the data released by Moneyfacts. In looking at the number of homeowners that started their two year mortgage in 2017 and the interest rates they secured at that time, a remortgage could help them save money. Without a remortgage they will be converted to their lenders’ standard variable rate (SVR) which could be a considerable increase.

Because no one should pay more than they have to pay on their mortgage, experts encourage homeowners to start shopping sooner rather than later.

According to the report, there could be some homeowners that locked into a two year fixed rate mortgage near the average at that time of 2.30%. Without a remortgage, and being moved to a lenders’ SVR, homeowners will be facing an average interest rate of 4.89%. That is more than double and a considerable expense to almost any family budget.

The lowest average fixed interest rate in 2017 occurred in October which was 2.20%. Therefore, those homeowners are expected to be paying the most if moved to a SVR, so the biggest boost in remortgages is thought to occur in time for those homeowners to secure a deal that will save them money.

Because there are a lot of homeowners expected to be shopping for remortgages in the months to come it is also thought that lenders will be in a competitive mode. Such an environment could be good for any homeowners that are shopping around for a remortgage.