UK home owners last year approved for a remortgage borrowed almost £20,000 more than they did in the year 2014, according to the latest research data from My Home Move. The survey included more than 10,000 approvals between the years 2014-2016. The remortgages approved in the East Midlands in particular saw double the amount borrowed last year compared with two years prior. This is hard confirmation that money carries a low cost currently and many home owners are taking advantage of it.

The mortgage lending tool known as a remortgage has become more popular in recent years, yet many home owners still are unaware of the vast number of benefits it has to offer. With interest rates currently at such a low level, remortgage deals carry savings with them which could make a difference of hundreds, possibly thousands of pounds per month.

This savings makes it possible to become more prepared for retirement or to start putting away a little each month for a child’s education.

Doug Crawford commented on the remortgage deals still available, saying: “This overall increase in borrowing suggests that homeowners are taking advantage of the ‘cheap’ remortgage deals which have been around for the past few years, and thanks to the Bank of England base rate cut in August, will remain so for months to come.”

Crawford added: “With such low interest rates, using a mortgage to borrow money can be a smart move.”

In conclusion, he added: “Whilst we have seen a significant increase in recent weeks in Lenders that will pay procuration fees to Intermediaries for Product Transfers (with the existing lender), this research suggests in many situations it would be right for the consumer and the Intermediary to look beyond the Product Transfer to the remortgage option, to ensure their total costs and requirements are taken into account to find the most suitable product available, which their existing Lender may not offer.”