Homeowners are being encouraged to seek out a remortgage when their current mortgage deal ends. In fact, that encouragement is so strong that homeowners should actually begin shopping for a remortgage long before their mortgage term ends. The time to shop for a remortgage is now because lenders are competitive for the attention of borrowers and interest rates are low.

Without a remortgage, a homeowner’s loan is moved to the lender’s standard variable rate (SVR). Experts have been warning that moving to a SVR could be a shock for many homeowners as the interest rate could be double or more the rate the homeowners have been paying. Rather than paying more, a homeowner could seek a remortgage.

In shopping for a remortgage, homeowners should not take on a sense of loyalty toward their current lender. Seeking the best remortgage, and that likely means the one that offers the greatest savings, means letting loyalty go to secure what is best for the homeowner’s financial situation and future.

With warnings that the Bank of England’s Monetary Policy Committee (MPC) could increase the standard base interest rate by the end of the year shopping for a remortgage is important to escape rising rates for those that would find a SVR risky.

Lender’s SVRs are not the best choice for every homeowner and when peace of mind is important, a remortgage could be the path to giving just that with the uncertainty that exists with Brexit.

Shopping sooner rather than later for a remortgage could be the best advice and it is being handed out generously by experts. Taking action to discover the best interest rate available could offer substantial savings for years to come and that is what most homeowners want with a new deal whether it is with their current lender or a different one.