Remortgage offers currently on the market could be considered some of the cheapest interest rates in years and that includes fixed rate products.  Homeowners that have had their current mortgage deal end and have converted over to their lender’s standard variable rate (SVR) would it seem be running in to get a new deal to save themselves from a risky interest rate.  However, it appears due to a recent report that some homeowners are overlooking the current opportunities being offered.

Halifax did a study that showed many homeowners are staying away from a switch.

Craig McKinlay, mortgage director with Halifax, said, “With recent reassurances from the Bank of England that interest rates are unlikely to increase in the very near future, borrowers now appear more willing to bide their time on a standard variable rate until there are stronger signs of base rate changing, although it is important to remember that this is not the only factor that influences mortgage rates.”

Halifax reported that over the last five years, despite fixed rate mortgages falling by 320 base points since 2008 remortgage activity remained low in comparison.  Five years prior remortgages averaged more than 100,000 per month and now average 31,750 per month.

Despite forecasts calling for the standard base rate set by the Bank of England to remain at 0.5% until summer of 2015, lenders may not remain offering the same low interest remortgages.  Factors could come together to push rates upward and even a slight rise could cost homeowners money.

Homeowners that have been waiting out a remortgage should revisit the consideration of a new deal, especially when the offers are so attractive.