Remortgage has been around for years and helped many house owners achieve their financial goals. By obtaining a lower interest rate, house owners are able to lower their monthly mortgage payment and save money each and every month. Many house owners are still unaware of this valuable option which exists in the housing market. There are other mortgage payment options, but remortgage has stood the test of time and is now square in the center of demand for many property owners.

Remortgage is simply the process of obtaining a new mortgage product to replace the current mortgage product. Homeowners typically move from a Standard Variable Rate mortgage to a fixed rate product through remortgage. Not only are homeowners potentially saving a great deal of money each month on the repayment amount, they are also securing their rate against future increases in interest rates.

The base interest rate has recently increased from 0.25% to 0.5%. This move by the Bank of England was predicted by many close to the housing market and caught few off guard. The central bank had been warning of the possibility for weeks prior to the actual hike.

Now, homeowners are faced with a dilemma if they had not already chosen to remortgage into a lower rate. Many housing experts are still urging those who did not remortgage before the increase to still consider it now. Interest rates are still sitting at historic low levels and many lenders are still offering attractive deals.

The remortgage can offer advantages to house owners if they are willing to take a little time and apply. It could be the wisest choice they have made with their home to this point.