In the past few years, the base rate has gone through reduction after reduction and created a wave of lender freedom which in turn has greatly favoured borrowers. Lenders are offering deals with low interest rates unheard of in the last several years. House purchasers obtaining an original deal and current home owners looking to remortgage are finding massive amounts of savings or great deals on original loans. Much talk now within the UK housing market revolves around those who should think about remortgaging, paying the early repayment charges, and possibly taking a step back in order to gain two steps forward.

Every lender agreement is different and that certainly applies to deals related to any mortgage lending on property purchases. With this in mind, many borrowers are asking themselves if they should look at remortgaging now and paying the early repayment charges or just sticking with their current mortgage agreement.

Since interest rates are low and have been reduced again in the last year, property buyers have acquired a mortgage deal with an attractive payment amount. But, what if the payment can be improved even more with a remortgage? Is it wise to pay the early repayment charges or ERCs and remortgage, possibly saving significant amounts of money on the amount of the monthly mortgage payment?

Every lender is different and will provide details of regulations associated with bowing out of a mortgage agreement. A remortgage could be the wisest decision and is paying off for many households today. Experts in and close to the housing market agree. Checking with the lender to understand the details of an agreement is the smart thing to do. Then, the decision to remortgage will become clearer.