Homeowners that are ready to shop for a remortgage are likely to face numerous choices. Lenders are currently very competitive for the attention of borrowers and therefore are putting out many remortgage products. The variety is not just from among many lenders. Variety also exists from the types of products being offered from low interest fixed rates to equity cash release deals.

Much of the reasoning behind the abundant number of remortgage products is the lead up to the Brexit deadline of 31 October. Another factor is that there are a large number of homeowners due to have their current mortgage term end in October. Lenders would certainly like to have as many of those homeowners as possible choose their deals.

Those homeowners are expected to seek a remortgage versus allowing their lender to move their loan onto the lender’s standard variable rate (SVR). Not long ago it would have been risky as usual to be tied to a SVR, but the interest rate would have been acceptably low. Now however, those homeowners that are about to have their current terms end that mortgaged or remortgaged two or more years ago could face a SVR that is double or more the interest rate they are used to paying. Rather than pay more than usual or more than is necessary, homeowners are encouraged to shop around for a remortgage for savings, and perhaps a substantial savings.

Great remortgage deals are expected to remain available for weeks after the Brexit deadline, but homeowners should be warned that the very best deals of today could disappear. With so many opportunities to save, homeowners should consider a remortgage sooner rather than later while deals could be full of major savings.