Homeowners are having an opportunity filled moment in remortgages. There are more remortgage products on the market, many appearing in just the last week. No doubt, there will be a few more to come as lenders attempt to match the attractive and competitive offers first brought by others to the market. The opportunities are many, benefits plentiful, and there are more choices for homeowners looking to save money with a lower interest rate, grab a fixed rate to assure savings for months and years to come, or to convert built up equity into cash.

Of course, for many the first priority will be to save money. On average, reports have shown homeowners to save over £200 per month with a remortgage. Interest rates currently offered by lenders are lower than the rates offered back when homeowners would have secured their current deal. 

Those that are close to having their current mortgage deal end are encouraged to shop online and get quick quotes offered on remortgage lenders and brokers websites. It will easily put important information into the hands of homeowners as to what remortgages are possible and the savings that could be theirs.

The homeowner that has already had their mortgage term end and was been moved to their lender’s standard variable rate (SVR) should definitely shop around for a remortgage. SVR rates are risky as they could fluctuate with little warning and have a homeowner paying more than necessary when a fixed rate remortgage could have locked in a savings for the length of the term chosen. Also, the remortgage offerings on the market could offer substantial savings over the interest rate level of current SVRs.

Experts do encourage all homeowners to shop and determine what savings are available with a remortgage. They also advise not to simply seek out the lowest interest rate offered. Homeowners should take into account all fees and charges with a remortgage. The lowest interest rate will likely have the highest fees.

Taking into account the costs of a remortgage with the savings will offer what the real financial advantage of a deal is in comparison to another. Therefore, shopping for the lowest interest rates as well as those slightly higher with lower fees is a good strategy.