Remortgage offers, and mortgage loans as well, are at some of the best interest rates ever. The direct reason behind the attractive offers available for borrowers is due to competition between lenders. Despite low rates, demand from homeowners and home buyers has been lower than expected. The result was that lenders were in a situation that required them to match other establishment’s low rates or beat them by offering an even lower rate.

According to some experts, the next six months will be the optimum time for home buyers and home owners to find the very best remortgage and mortgage deals in years. Fixed rate deals for long terms at historical low interest rates are not out of question.

Brian Murphy, of the Mortgage Advice Bureau, remarked, “The next six months are shaping up to be the best-ever window to secure a low interest rate if you are looking to buy or remortgage. Today’s prices have never been bettered in modern times and given that a base rate rise is inevitable at some point, it is unlikely they will be surpassed in the years ahead.

“Lenders have begun the year with a strong appetite for growth, and newcomers are going head to head with established names to launch attractive new deals.”

Borrowers will face stricter rules from lenders and lengthier processing times. Time, therefore, is of the essence in taking advantage of today’s great rates and the current competitive environment of lenders. Borrowers should beware of looking only at low interest rates in choosing a deal, or they could be missing out on the best offer. It is important to consider the entire deal and not just the interest rate, for the overall cost which includes fees and other costs, could prove that a deal with the lowest rate does not offer the best savings.