Summer is well underway and yet there has still not been a standard base interest rate cut by the Bank of England’s Monetary Policy Committee (MPC). Forecasts were once calling for a cut early in the year, then it moved to late spring, now it is thought to be either the end of summer on 1 August or in early autumn in September. However, lenders are not waiting on the MPC, but are instead cutting their own lending rates. As the 2024 Summer Olympics take place in Paris and we are all glued to the coverage, it is important to take a few minutes to shop for a remortgage and achieve our own Olympic sized opportunities to save money.

Mortgage offers from lenders have dropped below the base rate of 5.25%. This is an unexpected low-rate level for first time home buyers and home movers. Homeowners looking for their own low rates are not going to find as low rates as available in mortgages, but remortgages are close behind at levels near the base rate.

There are many homeowners that have come to the end of their mortgage deal this year and they have chosen to wait on a remortgage and allowed their lender to move them to their standard variable rate (SVR). Waiting for the MPC to cut the rate and bring about lower rates has been just that, a waiting game. As each meeting of the MPC has come and gone, it is another month and another of homeowners paying more than necessary if they are sitting on a SVR.

Skipping a remortgage in favor of a SVR has the homeowner facing higher interest rates and therefore higher borrowing costs. An interest rate found in remortgaging could bring savings. Experts encourage homeowners to avoid a SVR. Homeowners on a SVR could have an interest rate double or more the rate they could find in remortgaging.

Rather than pay more than necessary, a homeowner need only shop online for a remortgage. Reviewing and comparing remortgage quotes will allow borrowers to sift through deals and find the best one for their unique needs. A homeowner might be looking simply for the lowest interest rate, or they might be considering a fixed rate to lock in for a longer term to bring peace of mind from the stress of keeping an eye on rising rates. There are also homeowners in search of an equity cash release remortgage to grab a low rate, secure a fixed rate, choose their longer term, and also get cash in hand for whatever expense they might have such as debt consolidation, building an emergency fund, or paying for a holiday abroad. 

To determine what remortgage opportunities exist, a homeowner can quickly and simply visit the site of a remortgage broker to have a one stop remortgage shopping experience. After answering a few questions, a broker site will likely provide numerous quotes from a variety of lenders. The homeowner can also decide to go from website to website of their preferred lenders to gather quotes. It should be noted brokers could often have exclusive deals from lenders that they do not offer directly to borrowers, which is why experts encourage homeowners to shop for quotes from remortgage brokers.

Once quotes are in hand, the homeowner can make the best choice for their remortgage needs. They will easily be able to narrow down their best quotes as to whether they are most interested in the lowest interest rate, or overall savings by taking any fees into consideration along with the savings of a lower rate, and of course the type of loan, and even the term are often important to the borrower. Spending a few minutes online and getting remortgage quotes will allow the homeowner to pick from exactly the best offers matching their needs.

There will be breaks over this weekend and the days ahead during the Olympics, and in those few minutes signing online to shop for a remortgage could be a smart strategy and having a homeowner coming out feeling like a winner themselves.