According to experts there is a large wave of homeowners that are due to have their mortgage deal end come October. They are encouraging homeowners that are coming to the end of their mortgage deal to consider a remortgage. Without a remortgage, a homeowner will be moved to their lender’s standard variable rate (SVR). For those homeowners, an SVR could be double or more the rate they are used to paying.

Since homeowners secured their mortgage or remortgage two or more years ago, lenders have increased their SVR considerably and allowing a loan to convert to the lender’s SVR could be risky. Paying more than necessary is not the goal of any borrower, so to find savings in a remortgage is likely the best choice.

Most homeowners are interested in fixed rate remortgages. Knowing a rate is set for the specific term of the deal offers peace of mind against future rising rates by the Bank of England.

There is also the opportunity to turn the homeowner’s built up equity into cash. Through an equity cash release remortgage a homeowner can have money in hand for whatever is needed. They can spend the money as they wish and that can be for renovations, expansions, or upgrades to the property or something else like a dream holiday or other expenditure.

The main focus for those homeowners that are due to have their mortgage end soon should be to shop around for a remortgage and discover what savings could be found now. Through that search they will find what money could be saved and for some that amount could be substantial.

Without the effort to shop and take action, that savings will turn into an expense that doesn’t need to exist. Rather than pay more than necessary, homeowners are encouraged to take advantage of the benefits of a remortgage rather than become comfortable on a SVR.