House owners who have watched their mortgage loan defer to the lender Standard Variable Rate after maturity are facing a time of decision. This decision to remortgage can potentially make a significant difference in the area of saving money. With a lower interest rate than the original loan rate, it is possible to save money with a lower monthly mortgage payment. Whilst saving money is high motivation for most that pay a monthly payment, sometimes it takes more to make a move. There is more to offer home owners who decide to remortgage than just saving money.

Saving money is a great start for home owners, but they can find other benefits in a remortgage than just shaving outgoings off the monthly bottom line. They can also potentially turn home equity into cash.

Through the remortgage process it is possible to turn home equity which has been built over time by making payments each month on the property into cash. Lenders are currently offering deals with low interest rates and the ability to turn equity into pounds. Many home owners who have turned equity into cash are using the funds to renovate their home, or pay outstanding debt which may be years old, or even take a much needed holiday.

Another benefit to obtaining a remortgage is the ability to lock in the interest rate by securing a fixed rate loan. This fixed rate gives the home owner protection in the future against rate rises which could be forecasted or not. Many have found great security in knowing their monthly payment will not increase in the event of a standard base rate hike.

Most home owners believe the only incentive to remortgage is the ability to save money. It is not so common to understand the unique lending tool comes with much more.