Perhaps it is an easier route to contact or accept a remortgage offer from one’s current lender, but it might not be the best deal. Experts encourage homeowners to throw loyalty to the current lender aside. Rather than staying loyal, it could pay off to shop throughout all of the many remortgage products available on the market. With substantial savings on the line which could lead to household budget relief in the midst of a global pandemic, a little time shopping might be worth the effort.

Shopping for a remortgage is made easier by the ability to do it easily and quickly online. Most remortgage lenders and brokers offer the ability to obtain a quick quote from their website. A few questions are asked and with that information the site will offer the homeowner possible remortgages. 

Gathering the remortgage offers will allow a homeowner to narrow down the remortgage products to the right one for them. Some homeowners might be looking for the lowest interest rate only, while others might be more interested in locking in a low interest rate for years to come with a fixed rate remortgage. There are also many equity cash release deals available for homeowners which would put cash into hand at a time when it could be helpful to build an emergency fund, pay down debt, or purchase needs.

Homeowners should shop on sites of different lenders as well as remortgage brokers, as they could have exclusive deals not offered directly to borrowers from lenders. 

Also, take into consideration the entire savings of a remortgage. One should weigh the savings of a lower interest rate against any fees attached to the deal. Since the lowest interest deals often are attached to higher fees, it might be a smarter savings choice to pick one with a slightly higher rate and lower fees. That could lead to the greater overall savings. 

A bit of time spent online by any homeowner looking for a means of saving money or putting cash into hand through remortgaging could offer up a true opportunity. A financial safety net might be awaiting those that have yet to shop online for a remortgage deal.