Homeowners are seeking remortgages. The opportunity to save money, to turn built up equity into cash, and the ability to lock in a long term deal to protect against rising interest rates are all reasons as to why a homeowner might desire a remortgage. Due to the Bank of England’s Monetary Policy Committee (MPC) having hiked the standard base interest rate at each of the last three meetings, it is not surprising that demand for remortgaging has grown and is expected to remain strong throughout the year.

Because of the opportunities of remortgaging, especially with high inflation and rising interest rates, it is a smart strategy to shop for a deal. By doing so, a homeowner could review possible offers and narrow in on the best remortgage for their needs. 

Getting started in shopping for a remortgage is simple. There is no longer a need to make personal contact with several lenders. Shopping online is so much easier. A homeowner could quickly go from lender to lender by shopping their websites. Most websites will offer a quick quote from the lender after answering a few questions. The quotes are non-obligatory and are helpful in determining which deal could offer the best benefits.

By shopping with a remortgage broker, the effort is even more simplified. Brokers work with many lenders for the benefit of the homeowner. Therefore, a remortgage broker’s website could offer many quotes from many lenders all at one website. This can be a time saver and due to brokers often having exclusive deals it could offer a special deal not found elsewhere.

Experts are encouraging all homeowners to shop for a remortgage. Some homeowners not close to having their mortgage term end could decide to pay a penalty fee for ending their deal early and take advantage of current interest rates and offers rather than face rising interest rates and higher repayments later. By choosing a low interest rate remortgage now, it could offer immediate savings and offer a safety net against rising rates throughout the term of their deal.

Substantial savings could be discovered with a remortgage and it all starts with shopping for the right deal. Experts encourage homeowners to shop sooner rather than later as more interest rate hikes could be on the way.