Experts are warning us that heating costs are not going to be easy on the household budget this winter. Preparing for added expenses that seem almost inconceivable during the hardships brought on by the pandemic could simply start with shopping for a remortgage. Homeowners have the opportunity to find substantial savings through securing a lower interest rate in a new deal as well as other benefits.

When the homeowner’s mortgage term ends, they could remortgage or not. If they choose to skip remortgaging, they will be moved to the lender’s standard variable rate or SVR. The lender’s SVR is most likely much higher than what is available through a remortgage. Looking at an offer of a SVR could show a savings over the homeowner’s current mortgage deal, but it could still be double or more the interest rate offered with a remortgage.

Not only could homeowners find savings with a remortgage, perhaps in the hundreds of pounds per month, but with an equity cash release remortgage the borrower could have cash put into hand. The built up equity could be turned into cash that the homeowner might use to improve and upgrade the heating efficiency in the home. 

Through energy efficiency projects related to heating the home, this winter’s heating costs could be drastically reduced. Not only could the homeowner save money throughout the term of the remortgage, but save money in heating costs as well. For some, it has been estimated the savings could make such a difference for homeowners that it could help stretch the household budget to be capable of handling expected financial hardships brought on by other increased expenses such as rising costs of food and automotive fuel.

There are many reasons to remortgage of which finding a lower interest rate to save money is usually the priority, but with the other added benefit of getting cash into hand to prepare for winter and save in other ways makes remortgaging perhaps even more important.

Shopping online could offer many quotes in hand in which to discover what opportunities and benefits in remortgaging are available. Remortgage brokers should not be overlooked due to their expertise in assisting those with complicated remortgaging needs, but also because they work with many lenders and therefore could offer quotes from many lenders all at once. Brokers also often have exclusive deals that lenders do not offer to the general public. 

Winter has been forecasted to be rough not only from the expected cold, but due to higher heating costs and the inflation expected to impact other household expenses. With remortgaging capable of helping a homeowner save money month to month with a lower interest rate, as well as possibly putting cash in hand to improve heating costs or pay for them in general, shopping around for a new deal seems like a smart move.