The New Year has begun and people are at work keeping to their set resolutions and goals. Perhaps one goal that should make it to the list of homeowners is to seek out a remortgage. There is plenty of warning from experts as to the year ahead being one in which a homeowner should keep an eye on opportunities.

There is little doubt as to the expectation that interest rates will increase in the year ahead and perhaps more than once. It might be small increments when increased, but even a small hike in the interest rate can amount to a sizable chunk out of one’s household budget.

With inflation above the target rate of 2.0% set by the Bank, and wages not matching the increase in inflation, homeowners are getting less goods and services for their money. Budgets are feeling tight for many. Having to pay more in monthly repayments than one has to pay is not a goal of anyone or at least it would seem something that one would surely avoid.

A remortgage could offer many benefits. It could offer a savings and lower monthly repayments due to a lower interest rate. It could extend one’s mortgage over a longer term and cut down on repayments. It could secure a low interest rate for a longer period of time or even a short term would be good for those that have been moved to their lender’s risky standard variable rate (SVR).

A homeowner could release cash from their built up equity, so that they could pay down debt, or pay for a major purchase. Some may choose to invest back into their home with improvements and build up more equity in their home over time.

Remortgages can offer benefits unique to the homeowner’s needs, and those needs are likely high up on one’s financial priority list. Therefore, making it a goal to check out the benefits of a remortgage in 2018 is a great idea. It might be the best goal you reach all year and have you looking back at the end and thinking “2018 was a great year.”