Remortgage lenders are expecting a massive number of homeowners to seek deals in the coming weeks. That has impacted the lending market and pushed a more competitive environment as lenders seek the attention of borrowers. Opportunities abound therefore for those that seek to avoid being moved to their lender’s standard variable rate (SVR) and face the uncertainty of higher interest rates. With the chance to secure a low interest fixed rate remortgage for a long term, why would a homeowner want to pay more than necessary and skip out on remortgaging?

Experts are encouraging homeowners to take advantage of the current remortgage lending market and grab a deal before Brexit. It is likely that in the weeks leading up to Brexit there will be many remortgage products offered and that provides more choices for homeowners. After Brexit, which could or could not happen, which could be with a deal or no-deal situation, it is unknown how the lending environment will be impacted. However, now there is an ease in lending, more remortgage products, and low interest remortgages available and many with fixed long term deals.

In October, mortgages worth a value of £24.1 billion will come to an end. Once those homeowners make the choice to either remortgage or allow their loans to be moved to an SVR, the competition between lenders will cool off and it is likely the best and lowest interest rate remortgages will disappear.

Shop around for a remortgage early and be ready to take action and grab one of the attractive remortgages offered is the advice of experts. No one knows what Brexit will bring and with the Brexit deadline at 31 October and the massive number of mortgage deals ending in October it makes the lead up a great time for homeowners to shop around for a remortgage and determine what savings are available.