When someone wants to buy a home they have to get a mortgage. With the mortgage they purchase their home and in most cases they begin paying back the highest debt they will ever take on willingly. The homeowner goes on to pay that debt month to month and some of them will find times paying more difficult than others as the interest rate changes. Even those with fixed rate deals will eventually have their term end and they will be moved to their lender’s standard variable rate (SVR). The keyword there is variable.

The lender’s SVR isn’t for every budget. It could fluctuate making repayments do the same. It could also increase with little notice which if the repayments become difficult to pay could result in a hardship financially while the homeowner rushes to secure a remortgage. For those who feel comfortable on a set repayment amount for their budget a fixed rate is a better choice.

There is that chance that the SVR will be lower than the original interest rate, which then is a savings for the homeowner. That occurred during the deep part of the recession and afterwards when the interest rates were historically low. Homeowners saw their repayments go lower and lower throughout interest rate declines and they got comfortable.

Now interest rates have climbed. The historic low rates are in the past. That leaves homeowners teetering on the fence. On one side they are comfortable, or if strained with the new repayment amount the stress of going to another lender isn’t worth it to them or perhaps they are too busy to make it a priority. There are also those that may not understand what a remortgage is or the benefits it offers.

Experts suggest all homeowners shop around for a remortgage. There is nothing one has to commit to spend a few minutes online looking at what savings are available, the length of terms to secure the current low rates, and other possible benefits. If a remortgage is right for their financial security and health then they can proceed. If it isn’t what they need, then they can make a decision to wait. The point being that they discover what they need versus taking no action because of a want. Not every homeowner wants a remortgage, but most will discover it is an opportunity to good to miss.