Homeowners considering a remortgage may find that the time has come to be serious about getting a new deal.  Lenders are still quite competitive for the attention of borrowers and that means there are very cheap remortgage products on the market.  There are also warnings that in the first half of next year borrowing will be more expensive when the Bank of England’s Monetary Policy Committee (MPC) confirms that the economy is ready for the standard base interest rate to be higher.  Once the rate changes, there will be gradual and steady hikes over the next few years according to experts.  To beat the rate hikes, to gain a cheap mortgage deal for years to come and to save money while the savings is likely to be the best seen in years, the time to start shopping for a remortgage is now.

As the holidays approach people will be busy with shopping, celebrating and planning for all that the coming of the end of the year involves.  This will make the lending market more relaxed and lenders will be competitive as demand continues to be weak in remortgage lending.  It also will allow plenty of time to process the remortgage once the right deal is found.  The current Mortgage Market Review guidelines for lenders requires more time to complete a remortgage process to approval.  The extra effort for lenders to complete a remortgage to approve a homeowner requires patience, extra spending and saving detailed information from the borrower and of course more paperwork for the lender.  By choosing to build in plenty of time from shopping for a remortgage to signing the final papers, a homeowner is making the process less stressful and more likely to end in their favor versus hurrying through and choosing a deal quickly.

Experts encourage homeowners to shop patiently and forego any loyalty to their present lender.  The best deals should be sought out and once found take into consideration the entire deal’s savings and not just the interest rate.  Fees and penalties should be looked at carefully to discover the true savings of a remortgage deal.