Homeowners are still interested in remortgaging despite the drop in demand. It doesn’t mean that all that could remortgage have done so. It doesn’t mean that there aren’t great deals to be had. It does mean that there are those that have skipped a remortgage and could most likely be paying more than they should have to pay.

When a homeowner allows their mortgage deal to end and they do not remortgage their loan is then moved to the lender’s standard variable rate (SVR). According to experts, if the homeowner mortgaged 2 or more years ago they likely were attached to a low interest rate mortgage. That interest rate could be much lower than what they should expect on a SVR. In fact, a SVR could be double or more what the homeowner had been paying against.

The only way to escape a risky SVR or the higher interest rates is to remortgage.

There are many reasons that a homeowner might not seek out a remortgage. Some may not realize the savings that could be had or they may believe it to be too stressful to go through the process having had a difficult mortgage process.

Shopping online can quickly reveal what savings are available and that could motivate a homeowner to take action.

Remortgaging need not be stressful. Remortgage brokers are said to be quite helpful as they work with many lenders versus just one, and they are knowledgeable of which lenders will work with borrowers that might have a complicated remortgage need. They could also have deals exclusive from lenders to broker customers.

While there are many homeowners that cannot remortgage due to strict qualifications, that could soon be changing. Thousands are currently prisoners to their mortgage and unable to remortgage and escape higher interest rates, but there are those working to make changes and free them to make a choice that will offer them a savings. It could be helpful to meet with an expert and gain confidence in the process and opportunities.

Homeowners should as experts encourage seek out what savings are available and if an SVR is involved there could be substantial savings available.