Homeowners that have had their mortgage deal end and have been moved to their lender’s standard variable rate (SVR) are encouraged to consider a remortgage. Studies have shown that the average homeowner could save £200 or more per month with a remortgage. That means without considering a remortgage homeowners could be paying more than necessary.

Not only is there an opportunity to save money for months and years to come, but there are other benefits as well. Many homeowners have been seeking an equity cash release deal so that they can use the cash to recreate their homes to better suit their new pandemic lifestyle. The remortgage’s cash out not only allows a homeowner to save money, but to have cash in hand for any need at all, including, as many have, to upgrade and improve their  dwellings for a more appropriate and comfortable place to work, study, bake, entertain, and deal with pandemic lockdowns.

Currently there are many remortgage products on the market from which to choose. There are higher loan to value (LTV) deals, some with no fee valuations and free legal work. Only weeks ago, lenders had been pulling their best deals in the fear of too strong demand due to the very low interest rate offers. Yet, now competition has set in and lenders are putting great deals back on the market in the hopes of gaining the attention of borrowing homeowners.

In choosing a remortgage, homeowners should consider more deals than just the ones with the lowest interest rate. The lowest interest rate remortgage will likely have the highest fees. By taking into account all fees and costs with a deal, as well as the savings, the full savings can be found. It could be the slightly higher interest rate deal that becomes the best choice.

Low interest rates are expected to continue to be available through the end of the year and into the beginning of the next. By shopping around now and taking action sooner rather than later, a homeowner could take advantage of the attractive and beneficial opportunities a remortgage could bring and give a good ending to an otherwise stressful year an even better start to 2021.