Homeowners May Find Best Deals on Remortgages Now
Demand has remained low on remortgage deals from homeowners. The reasoning has been credited to various things from mortgage holders being unaware they should remortgage at the end of their deal to a relaxed state with the interest rates due to the long standing bank interest rate of 0.5%. No matter the reason, it comes as a warning from experts that there are many homeowners that have failed to remortgage and are without a solid plan in place for when the interest rates begin to increase.
For those that have yet to grab a new deal the good news is that some current remortgage deals are the best seen in years. When demand from borrowers is low it is an advantage for those seeking a loan as lenders are fighting to get their attention. In that respect, the time to take the opportunity of getting a fixed cheap interest rate remortgage is now.
Experts in the lending industry expect that the competition between lenders will intensify over the last quarter of the year. Therefore, it is the time to begin shopping and gather the required paperwork and get the process rolling. Processing of a remortgage takes longer now due to new requirements of lenders so having plenty of time in place before interest rates increase is the advantage that borrowers should seek.
If homeowners expect to have a complicated remortgage then seeking out the assistance of a remortgage broker could be helpful.