The number of homeowners rushing to remortgage has pushed figures of those attempting to obtain a new deal during the second quarter to new heights. Those in a rush currently to find a better deal are in a hurry to beat the lender hikes which are now taking place since the Bank of England increased the standard base rate earlier this month. The standard base rate was increased during the monthly meeting of the Monetary Policy Committee. The standard base rate was hiked from the former rate of 0.5% to the new rate of 0.75%.

During Q2 of this year more than 15,000 home owners made the wise decision and obtained a remortgage, according to data from UK Finance. This is an increase of almost 17% compared with the same period a year ago. Home owners are finding deals with low fixed interest rates connected to deals along with some attractive incentives.

Home owners are being urged to consider a remortgage by housing experts at an overwhelming level. Many home owners are still unaware of the benefits of a remortgage. The advantages of a remortgage are numerous, but for starters the advantage of a remortgage is possibly saving money.

Obtaining a mortgage lending deal with a lower interest rate attached to it means saving money. It means lowering the cost of the monthly mortgage payment which is paid every single month. It takes quite a short amount of time to accumulate a massive amount of savings with a lower interest rate. Over the course of a year, many house owners are finding a savings equal to sometimes £400 to £500. This is all possible simply by obtaining a new deal with a lower interest rate.