Homeowners are expected to show strong demand for remortgage deals over the next few months due to the recent interest rate hike by the Bank of England’s Monetary Policy Committee (MPC). Rather than paying more than they have to, homeowners are likely to look for a lower rate. However, while shopping around for a remortgage the homeowners could look over the best remortgage deal and miss an opportunity.

Because saving money is likely the priority with finding a remortgage, most homeowners will be focusing on the interest rate attached to deals. The lower the rate, the more likely it will grab their attention. Yet, the remortgage with the lowest interest rate might not be the one that could save the most money.

Going to a lender and pointing out the remortgage you are interested in with the lowest rate of all could have you still paying more. The biggest saver could be hiding in plain sight and most homeowners could look right over it and never pay it any attention.

Experts encourage homeowners to consider not just the lowest interest rate to find savings, but the whole remortgage. There could be fees and other costs. There could also be incentives that offer further savings beyond the interest rate savings.

Comparing the savings of the remortgage with the lowest rate against others as a whole, which includes other savings offered, and fees and any other costs will clearly reveal the remortgage that will provide the best savings. If the best savings is the priority in shopping around for a remortgage, then looking beyond the lowest interest rate could have homeowners discovering the best deal right in front of their eyes.