Most homeowners are unaware of their own mortgage status and have been advised by analysts to become aware of whether or not a remortgage would be beneficial. They could be paying out unnecessary interest payments and could be using built equity to pay off debt if they are feeling financial pressure. As homeowners look into their mortgage they find they have moved into their lenders standard variable rate (SVR). According to research by Moneysupermarket.com the majority of borrowers with a SVR would indeed be better off with a remortgage.

Recent hikes in SVRs by lenders makes it more attractive for a homeowner to shop for a remortgage. Even with remortgaging fees factored in, the cheapest two year fixed rate deal is a better financial deal for the majority of homeowners with a SVR according to Moneysupermarket.com.

In research conducted by Moneysupermarket.com with data on the cheapest tracker, they factored in the remortgage fee and it beat out all but seven of the available SVRs on the market.

Remortgage is becoming a necessity for many due to the current economic climate. Whether to keep a small business funded with cash flow, to subsidize retirement funds, or for many to fund debt consolidation to relieve financial worries.

As analysts are suggesting homeowners have more to gain than to lose when deciding to become more educated about their current mortgage. Whether they find out that they need to stick or to remortgage now or they make a plan to do so in the future, a family that takes control of their financial health will be better set to succeed in the months ahead.