In October, homeowners took the warnings of a possibility of an interest rate hike to heart. Prior to the November meeting of the Bank of England’s Monetary Policy Committee (MPC) choosing to increase the standard base rate by 0.25% to 0.50%, there was a surge of remortgaging. Homeowners sought out low interest rate deals while available in the hopes of securing their financial health.

Now that the warnings have materialized and indeed there has been an increase in the interest rates, more homeowners are expected to seek a remortgage deal. The rate hasn’t been increased since prior to the financial crisis, meaning there are millions of homeowners that have never had to face an increase in their interest rates and repayments.

Now that the pressure is on to move off of their lender’s standard variable rate (SVR) or to keep from being moved onto it when a mortgage deal ends, homeowners are expected to turn to experts for help in getting a remortgage.

Experts suggest that homeowners throw their loyalty to a lender away and look for the deal that will best match their needs, even if that means switching to a new lender. It is also important to look at a remortgage as a whole and not only the interest rate. The cheapest interest rate remortgage may not offer the best savings overall, while one with a slightly higher rate could offer savings with legal work, valuations, and have better options attached, such as low or no fees later on should the homeowner want to get a remortgage before the deal ends.

For some homeowners it could be a benefit to seek the assistance of a remortgage broker. The broker doesn’t work for just one lender, but serves as a connector between many lenders and the homeowner. By working with many lenders, the broker has access to numerous deals and will have insight as to which lenders will best suit a homeowner’s needs, including those that need a lender willing to work with a complicated remortgage situation.

Remortgage brokers also have access to deals that are not offered strictly to the general public. Because there is competition between lenders seeking to grab the attention of broker’s clients, they could very well offer much more attractive deals.

Remortgaging has become more important to the financial health of many homeowners as interest rates are now on the upswing. Shopping for a remortgage has no disadvantages and all the advantages of seeing just what savings are available. By seeking the assistance of a remortgage broker, a homeowner could make their remortgage dreams come true.