The opportunities with remortgaging, especially when facing a lender’s standard variable rate (SVR) without one, are many yet homeowners seem to be slowing down on taking action. Remortgaging had been strong as borrowers could nab a low interest rate, long term fixed rates to escape rising rates for years to come, and in some cases nice incentives. According to UK Finance, remortgaging by homeowners declined by 3.1% in comparison to April 2018.

The mortgage lending market has been kept busy with first time home buyers. In April there was a 7.9% increase than in the same month last year.

Experts are encouraging homeowners to not miss out on remortgaging. Waiting around could have them missing the best products. Some lenders area backing out of remortgaging. One in particular, Tesco, is a major remortgage lender and they are selling off their accounts. That means another lender less in the market and fewer remortgage products being offered.

The competitive market that has kept lenders fighting for the attention of borrowers is being diluted. That will have an impact on opportunities for homeowners. Perhaps the attractive remortgages of today will soon start to fade away from the market.

When shopping around for a remortgage experts suggest that homeowners not be blinded by the lowest remortgage interest rates available. There are other things to consider such as overall fees. Take into consideration free incentives that might be offered. Adding up all of the costs and the savings will reveal the true real savings that a remortgage offers.

Doing a bit of research, comparing deals, and taking advantage of easy online shopping could result in an opportunity too good to pass up and peace of mind with the right remortgage offer.