The demand for remortgaging has yet to take hold and prove that homeowners are appreciative of the low interest rates lenders are currently offering on deals. While some may be finding it difficult to take advantage of the offers due to low equity levels or because they have fallen into negative equity, experts say there are a large number of homeowners that are not impressed with the offers enough to choose a remortgage. This is despite the fact that many lenders are offering the lowest interest rates seen on remortgages since the recession began.

The competitive offers from lenders may be starting to get noticed by those that have had their mortgage deal end or are close to having to choose a remortgage. According to a recent study compiled by Lloyds TSB, one in five homeowners reported that they will be considering a remortgage this year.

Marc Page, Lloyds TSB mortgage director, remarked, “SVRs have been at historically low levels for quite some time, so it is no surprise that many homeowners haven’t considered moving from them. But with fixed rate mortgages falling, and some good deals expected on the market this year, now is the time for borrowers to consider the benefits of remortgaging.”

The study reported that the average interest rates on two and five year remortgage products are 19% and 32% lower respectively than they were back in 2010.

Lenders are expected to continue their low interest offerings on remortgages through the spring season and homeowners should take notice while the opportunity to save money by getting a lower mortgage interest rate is available.