Over the course of the last few years in fighting through the global financial crisis and UK recession, interest rates have been adjusted to historical low rates. The time that such interest rates have been available for borrowers has been so long that now many see such cheap borrowing opportunities as the norm, but that is not true. While low interest rates could still be seen in the months or even years ahead, the lowest and cheapest rates will be reserved for a very specific group of borrowers.

As the lending environment changes in the near future, those borrowers with perfect or close to perfect interest rates will be the ones that qualify for the cheapest rates, as well as those with lowest level of loan to value (LTV). Borrowers should be aware that already some lenders are pulling their less stringent cheap rate deals from the market. Some are being replaced with tightened low interest rate deals while some are just disappearing with no replacement at the same low interest rate level.

The current situation in borrowing for a remortgage requires thoughtfulness over a wide range of factors. A homeowner must consider not only the interest rates available to them, but also what other benefits are packaged with the deal. It could be that the lowest interest rate doesn’t have free valuations or free legal work, while the next highest interest rate remortgage does, making it have more of a savings overall. Looking at the savings of a possible remortgage as a whole opens up one’s eyes to the clear financial opportunity in front of them.

So too must a homeowner consider if ending a mortgage deal early and paying a fee to do so would offer a long term savings over the one of staying put.

Remortgage brokers are another consideration for homeowners. Brokers have access to deals not offered directly to the public consumer from lenders. They also help the homeowner look over several offers from a wide variety of lenders versus just one.

Available remortgage deals are perhaps better than we will ever see again, and that fact should push homeowners to at least consider their options. Time could be running out for the best deals as the months ahead are impacted with global and domestic economic changes of which no one is certain what will happen. Therefore, it is up to homeowners to do their own research, consider their own options, and take action as they see fit to ensure their own financial health.