Homeowners have a choice in the coming year as to whether the timing for a remortgage is better now or later. That question is likely the same for all sorts of situations, whether it is for a homeowner that is in the middle of their mortgage deal, another that is about to have their current mortgage deal end and be moved to the lender’s standard variable rate (SVR), or the homeowner that has been enjoying low interest rates having already been moved to their lender’s SVR.

If interest rates should remain unchanged in the coming year, does getting a remortgage even matter? The answer is both yes and no.

Homeowners’ needs for a remortgage are as unique as the home they live in and that means that what is good for one may not be for another.

The homeowner that has a relaxed budget and doesn’t feel risk in their financial health when expenditures rise unexpectedly will not be as needful of a remortgage as the one on their lender’s SVR that has a strict budget. Since lenders are capable of changing a SVR interest rate with little to no warning, a fixed rate remortgage is much less riskier.

The one thing that is essential for homeowners to realize is that even if the Bank of England doesn’t make a change to the standard base interest rate, it doesn’t mean that the cheapest remortgage deals available to homeowners today will be available tomorrow. Lenders could pull their best deals with their lowest interest rates and incentives like free legal work and/or free valuations from availability with little fanfare. One day a great deal is available and the next it is gone.

If a homeowner could use a lower interest rate deal, especially one with a long term fixed rate to ensure years of savings, then a remortgage will matter next year even if interest rates don’t change, and the same is true if the low interest rates of today are worth taking action now before they disappear.