Homeowners are being encouraged to review their mortgage repayment interest rate. If the homeowner allowed their mortgage deal to lapse without choosing to secure a new deal through remortgaging, they could be paying more than necessary. To not miss out on any opportunity to save money, and in some cases a substantial amount of savings, it is important to know the interest rate of the current mortgage situation.

Those homeowners that allowed their term to end and not remortgage should reconsider that simplicity and take action to secure the savings being offered. It is expected that there is a large number, over one million homeowners, that have chosen to allow their mortgage to be converted to their lender’s standard variable rate (SVR) versus shopping around and securing a remortgage.

Not only could the interest rate be lower, but a homeowner could secure a fixed rate remortgage to lock in the lower interest rate for years to come. While the SVR could have a higher rate and is subject to change as the lender deems necessary leaving homeowners sometimes scrambling to find a remortgage or risk financial strain to meet the altered SVR. For it should be noted, the word variable is very fitting to the term standard variable rate. While a fixed rate remortgage could offer peace of mind.

Experts suggest homeowners throw loyalty to their current mortgage lender aside. Rather than only accept the offers from the current lender, choosing to shop around with remortgage brokers and remortgage lenders could reveal the best remortgage for the homeowner’s needs.

It is also important to consider the savings of the whole remortgage and not just the interest rate. Most of the lowest interest rate offers are attached to higher fees. The fees could negate any savings by choosing the lowest interest rate. The slightly higher interest rate could be attached to much lower fees and offer the greatest savings.

The important thing to do is to shop around. Doing so online can be quick and easy. By shopping around a homeowner can gather information as to what remortgage deals are available to them and the savings that are possible. Otherwise, they could be paying more than they really have to and no one wants to throw their money away.